Nairobi, Oct. 6 -- The World Bank's private investment arm is buying a 6.5 percent stake in Quickmart through the retailer's initial public offering (IPO) for Sh1.94 billion ($15 million), making a return to the local retail sector four years after selling a minority stake in Naivas Limited.

Quickmart says it has secured the investment from the International Finance Corporation (IFC)-the World Bank's private investment arm- as a cornerstone investor in the Sh15 billion IPO, which has valued Quickmart at Sh30 billion.

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