Nairobi, Nov. 9 -- Foreign investors have kept control of retail chain Quickmart despite anchor owner Adenia Partners selling half of its stake after international funds and institutions snapped up more than a quarter of the company in its recently closed initial public offering (IPO).

The final allocations after the IPO show that foreign investors will now control 52.9 percent of the retailer, up from 50.8 percent previously, leaving the chain's founders and local investors with a 47.1 percent holding, down from 49.2 percent previously.

Published by HT Digital Content Services with permission from Business Daily....