date:Oct 21, 2013
Wal-Mart's push for a foothold in east Africa hit a hurdle after Kenyan retailer Naivas said it was no longer selling a controlling stake to the U.S. company's South African subsidiary, Massmart.
Strong economic growth in Africa is attracting global retailers such as Wal-Mart Stores Inc, which acquired Massmart in a $2.4 billion deal two years ago. Sub-Saharan Africa is expected to grow by 4.9 percent this year after 4.2 percent in 2012, the World Bank said. But analysts say a scarcity of suita