Deacons eyes return to Tanzania

Deacons eyes return to Tanzania

Clothing retailer Deacons is contemplating reentering the Tanzanian market for the second time as part of its expansion strategy as it lists its share on the Nairobi Securities Exchange (NSE).

Speaking at an investor briefing ahead of the listing, Deacon’s Chief Executive Officer Wahome Muchiri told investors the firm was closely monitoring the Tanzanian market and once the right factors are in place they will open up stores as part of its plan to get to a 60 stores target by 2020.

“Tanzania is next door to us, we’ll continue to watch that space, we do want to be invested in Tanzania we think we can add a lot of value in that market place. We are an East African company and so we should be playing in all the East African Region,” Mr Muchiri said.

Deacons will be listing 123.5 million shares at Sh15 on Tuesday giving the firm a valuation of Sh1.85 billion. The retailer has 384 shareholders who will be able to trade shares and give them an opportunity to evaluate the market.

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Story By Beatrice Eghwa
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