Africa’s biggest retailer Shoprite Holdings, which has footprints locally, borrowed 84 million Rand (about Sh571 million at current rates) from Stanbic Bank Kenya as it continued an expansion drive that has seen the chain open two stores in Nairobi with a third expected this month in Mombasa.
The facility was disclosed in the South African firm’s latest investor update for the financial year ended June 2019.
The Stanbic loan formed part of its Sh79 billion debt it closed the financial year with, having opened 126 additional stores in the region including in Kenya, and creating 3,175 new jobs.
The company says the financial year ending June 2020 will see the completion of a number of strategic projects that have been on its radar for many years
“We are critically assessing capital spend in the pursuit of growth that is cash generative, return accretive and strategically beneficial,” the firm said in the update.