Moroccan furniture dealer Kitea Group backed by Africa-focused private equity firm Tana Africa Capital has bought a majority stake in Furniture Palace for an undisclosed amount.
Mauritian firm eyes major stake in local furniture retailer standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.
Court triggers Bank of Africa, KCB fight over ex-Nakumatt boss assets
Wednesday February 24 2021
By JOSEPH WANGUI
Summary
High Court judge Alfred Mabeya directed Bank of Africa to auction the property in Industrial Area, Nairobi, to recover Sh460 million advanced to Nakumatt on condition that it notifies other lenders of the forced sale.
But earlier court disclosures showed that KCB pressed for a speedy auction last year and sold the property to Furniture Palace International Ltd for Sh1.04 billion, taking a loss of about Sh1 billion.
Justice Mabeya’s ruling sets the stage for a battle for the right over the property between KCB and Bank of Africa.