Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 10, 2014 at 08:14AM

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VENTURES AFRICA – Kenya-based retail chain, Nakumatt Holdings has received a second payment of Sh600 million ($10mn) from Mayfair Insurance for losses suffered during the Westgate terror attack in September, 2013.

The settlement, paid under Nakumatt’s terror cover, brings Mayfair’s total payout to sh1 billion and will help the retailer replace furniture fittings, stock and fixtures, and also compensate for crash in business, Capitalfm reported.

According to the report, Mayfair said the payments were hastened for the Kenyan-based retailer’s quick recovery from damages suffered from the al-Shabaab attack which lasted three days. Further payments will be announced in 2014, it said.

Nakumatt Holdings Managing Director Atul Shah, while confirming the payment, said the funds will aid reconstruction process, which he estimated at sh3 billion ($35 million).

Shah explained: For Westgate building to be totally restored, there are two major repairs, the frontal part with a Nakumatt store which will be concluded in six months, while the second phase has to do with our larger shop which was burned down.

It will take about two years for the malls to be repaired, Kenya’s Capitalfm quoted him as saying.

 

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