Proparco, a French sovereign wealth fund has acquired a 40 per cent stake worth $31.5 million (Sh3.7 billion) stake in supermarket chain Naivas.

Naivas had indicated that Proparco, Mauritian conglomerate IBL Group and German sovereign wealth fund DEG were taking a minority interest in the company without disclosing the details of the proposed transaction including the stake to be purchased.

Proparco is acquiring stakes owned by a cluster of investors including World Bank’s International Finance Corporation (IFC), MCB Equity Fund, Amethis, and German sovereign wealth fund DEG, which acquired the shares in the retailed for Sh6 billion in April 2020.

“Proparco is pleased to announce its partnership with IBL Group, the largest conglomerate of Mauritius [and] DEG to jointly acquire a 40 percent interest in Naivas International, which owns 100 percent of the shares of Naivas Limited,” the French fund in a statement.

Proparco indicated that its capital contribution will be $31.5 million (Sh3.7 billion).