Nairobi, Oct. 12 -- Supermarket chain Quickmart terminated several contracts with its founders worth hundreds of millions of shillings as it prepared to welcome a more diverse shareholder base through its ongoing initial public offering (IPO).

Termination of the contracts with the insiders is seen as improving corporate governance including through reduction of potential conflict of interest as the company moves away from relying on a small group of owners who have backed its growth through provision of various services.

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