MPs demand special audit of Quickmart share sale over investor fears
MPs have ordered a special audit of Quickmart's share sale, questioning the CMA's approval of the transaction amid fears that Kenyan investors could lose their money if the supermarket follows the path of collapsed retail chains.
Nairobi, Kenya – MPs are calling for a special audit of the proposed Quickmart share sale following investor concerns over potential financial losses. The National Assembly’s Public Investments Committee, chaired by MP David Pkosing, questioned the Capital Markets Authority (CMA) about the decision to approve the transaction. Pkosing suggested the deal may be an attempt to extract money from the retailer before its collapse, drawing parallels with the collapse of major retail chains like Nakumatt, Uchumi, and Tuskys.
CMA Managing Director Wycliffe Shamiah defended the authority, stating it had approved the share sale, but his explanation did not alleviate the committee's concerns. MPs questioned the regulator's oversight and whether the transaction could be a scheme to weaken Quickmart financially. Shamiah maintained that the transaction involved Atania, an existing shareholder, exiting the business, rather than a rescue attempt for a struggling retailer.
The debate also addressed whether investors have any financial protection if the transaction fails, with Pkosing suggesting the CMA could arrange insurance for Kenyan investors.
Written by urgent.news from Capital FM Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
