The Star (Nairobi)

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.

Ads by Google

Copyright © 2013 The Star. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.