Bentonville, Ark. – Kenyan retailer Naivas reportedly will not sell a controlling interest in the company to Wal-Mart’s South African subsidiary Massmart. According to Reuters, a Naivas executive said the retailer no longer plans to sell 50% plus one share of its stock to Massmart.
Reports in August 2013 indicated Naivas was preparing to sell a controlling stake to Massmart. Massmart executives have publicly stated the retailer, which currently operates 29 stores in 11 African countries outside South Africa, still intends to expand into Kenya.