Kenya: Court Case On The Sale Of Wananchi Group (Zuku) Should Go Ahead!
It does appear that the high legal drama surrounding Wananchi Group (the owner of brand Zuku) is not abating anytime soon.
A recent ruling by a High Court in Kenya has confirmed that the legal challenge to stop the sale of the company can still be heard. The court case is brought by the minority shareholder - Africa Telecommunication and Media Technology Fund I (ATMT Fund I).
The majority owners of Wananchi Group are trying to sell off some of the company's asset to generate some funds to clear its debt and restructure the business. According to an unconfirmed report, they have found a buyer that has agreed to pay up to USD35Million.
It does seem that the wrangling in Wananchi will rumble on for a while. BMA will, of course, follow and report.