This archive report was first published on 25 August 2019.
On August 25, 2019, Shoprite Holdings, Africa's biggest retailer, secured an 84 million Rand loan (approximately Sh571 million) from Stanbic Bank Kenya to fuel its expansion drive in the country.
The loan was part of the company's Sh79 billion debt at the end of the financial year in June 2019, which also saw the opening of 126 additional stores in the region, including in Kenya, and the creation of 3,175 new jobs.
According to the company's latest investor update, the financial year ending June 2020 will see the completion of several strategic projects that have been on its radar for many years.
Shoprite's general manager for Kenya, Andrew Mweemba, confirmed that the company is set to open two new stores in Kenya, one in Nyali mall next week and another in Waterfront Karen next month.
Shoprite has already established a presence in Tanzania and Uganda and aims to deepen its business in East Africa.
The company operates stores at Westgate Mall and Garden City Mall in Kenya and has a strong presence in Central, Southern, and West Africa.
