Tuskys Supermarket Ownership: The family of the late Joram Kamau is set to sell troubled retailer Tuskys to a consortium of a private equity firm and a foreign retailer. The sale will see these two strategic investors acquire a majority and controlling stake.
“The shareholders of Tuskys have communicated that they are also exploring other funding options, including seeking a strategic investor by July 31, 2020,” the Competition Authority of Kenya said in a statement Monday.
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The funds raised from the sale will be used to pay back suppliers whose pending bills are said to be running into billions. CAK further said that the sale will be fast tracked once the investors come on board. “The Authority took note of these initiatives and has thereof committed that, if the retailer opts to seek a strategic investor, the Authority shall within 14 days, and in accordance with the provisions of the Competition Act, consider and issue a determination upon submission of a merger/acquisition application,” the authority said.
According to a Tuskys Supermarket ownership structure, Tuskys is a family business that was started by the late Kamau. His sons Stephen Mukuha, Sammy Gatei, Yusuf Mugweru and George Gachwe own a 17.5 percent stake each in the company. John Kago, Mary Njoki and the late Mary Njeri each own a 10 percent stake.
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Over the recent few months, Tuskys branches have been spotting empty shelves, raising concerns that the retailer is on its death bed.