Nakumatt Holdings Ltd announced that they are in talks to sell close to 25% of its shares to investors abroad. The funds, the company said, will be used to aid its expansion plans across East Africa. Nakumatt Holdings operates a Kenyan supermarket chain.

The retail chain suggested earlier this year that it would commence discussions in June over plans to attract foreign investors. The announcement follows the collapse of the buyout discussion with a group of investors led by Satya Capital, a London-based private equity firm.

Thiagararajan Ramamurthy,  Nakumatt Holdings' regional director for strategy and operations, confirmed the discussions.

He explained that the chain will look to partner with willing investors to raise capital for its projects that will see the company's operations expand. "There are quite a few global players very keen to partner with us and we are still at initial stages of discussions," Mr. Ramamurthy told media.

The capital is expected to finance its US$14 million East African expansion project.