Nairobi, Nov. 8 -- A section of Quickmart founding shareholders applied to buy an additional 118.6 million shares worth Sh889.9 million in the retailer's concluded initial public offering (IPO) but were forced to recall their bids to accommodate outside investors.

The company did not disclose the identity of the founders who were keen to raise their stakes but said there were five applications from the insiders.

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