Retail chain affirms investments plans
Despite the prevailing political situation in Kenya, Nakumatt is among the first to express confidence on the country's economic outlook. The firm has also affirmed its commitment to facilitate sustainable peace building efforts by supporting relevant initiatives and engaging its 3700 workforce to embrace unity in diversity ideals.
Speaking when he addressed staff at the firm's Mega hypermarket branch, Operations Director Thiagarajan Ramamurthy confirmed that the firm would push forward with a US$25million investment and expansion program this year.
“We have total faith that the problems being experienced now will be speedily resolved and we are indeed pushing on with all our investment and expansion plans,” Ramamurthy confirmed. “As a company, we cannot afford to abdicate our obligations at the hour of need for all the staff and customers who've made us who we are.”
He also explained that the firm has embarked on a preparatory program that could see the firm being listed on the Nairobi Stock Exchange mid next year.
Ramamurthy said the program, through an initial public offer, will be targeted at enhancing the company's local ownership by affording the staff and customers a chance to own shares in the chain.
The chain plans to open more than 10 new branches this year locally and in the region with construction works already underway in Kakamega, Mombasa, Rwanda and Kampala.
The Nakumatt head implored other local investors to also consider enhancing their investments even as the political stakeholders continue to dialogue.
“It is important for the business community to concentrate on their core operations and seek ways to survive even as our political leaders continue to seek a lasting solution to the problem at hand,” he said, adding that he wanted the group's staff to embrace each other as brothers and sisters and avoid engaging in tribal divisions.
He said employers in all economic sectors will need to rise to the occasion to give guidance to their employees who look up to them for direction.
About Carole Kimutai
Carole Kimutai is a writer and editor based in Nairobi, Kenya. She is currently an MA student in New Media at the University of Leicester, UK. Follow her on Twitter at @CaroleKimutai.
