1 February 2013

Kenya: Deacons, Woolworths Deal Okayed

SHAREHOLDERS of Deacons Kenya Limited have approved a joint venture between the firm and Woolworths Holdings Mauritius Limited for operations of a clothing retail store locally.

Under the deal, Woolworths Mauritius will own majority stake-51 per cent- in Woolworths Kenya while Deacons will control 49 per cent of the business.

"One of the key resolutions passed was to approve the formation of a joint-venture company - to be known as Woolworths Kenya Proprietary Ltd. Subject to receipt of all regulatory approvals in Kenya and South Africa," said Deacons chairman Peter Njoka.

Deacons chief executive Muchiri Wahome said that all employees who are currently working with the Woolworths brand will be offered employment by Woolworths Kenya on the same terms and conditions as their employment with Deacons.

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