Nakumatt sets up shop in Rwanda
“We are indeed delighted to register our first regional presence outside Kenya in Rwanda, as a recognition of the vibrant local economy and conducive investment conditions,” Nakumatt holdings director Thiagarajan Ramamurthy explained after the signature of the sales contract last week in the UTC complex.
Kenyan supermarket chain Nakumatt has bought the City Market in a first move to conquer Rwanda. Other outlets, including a huge hypermarket, are also planned.
“We are indeed delighted to register our first regional presence outside Kenya in Rwanda, as a recognition of the vibrant local economy and conducive investment conditions,” Nakumatt holdings director Thiagarajan Ramamurthy explained after the signature of the sales contract last week in the UTC complex.
The ceremony took place in the presence of Vincent Karega, State Minister in charge of investment promotion, Nakumatt CEO Atul Shah and officials from the Rwanda Investment and Export Promotion Agency (RIEPA), amongst others.
Ramamurthy also announced that Nakumatt will invest more than US$ 3 million in the refurbishment of the supermarket. When it opens its doors early July, Nakumatt City Center will cover a shopping space of more than 25,000 square feet, offer a range of more than 20,000 products, and provide jobs for 60 employees.
The company will be operating as Nakumatt Rwanda SARL and is dedicated to invest even more in the country. For example, it is currently working on the Gateway Mall project in conjunction with Virunga property development, which should result in hypermarket worth US$ 18 million.
Thiagarajan Ramamurthy thanked the government of Rwanda, RIEPA and all other authorities who have been very helpful in their entry into the country, and ensured that Nakumatt would do its best to return the hospitality and support by establishing a world class retail outlet in Rwanda.
Moreover, the enterprise will also embark on a strategic program to develop the capacity of Rwandan manufacturers and producers, and undertake strategic and sustainable corporate social responsibility activities focusing on sustainable social investments and corporate governance.
With a branch network of 19 branches in Kenya’s major towns of Nairobi, Mombasa, Kisumu, Eldoret, Meru and Kissi, Nakumatt is also the first company in sub-Saharan Africa to introduce 24 hour services at selected branches.
Last year, it made its debut ranking in the prestigious Planet Retail top 30 listing.
Posted by The Rwanda Focus
on Apr 21 2008. Filed under Business.
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