Tuskys Supermarket is seeking help to carry out its business
The struggling retail outlet is seeking an urgent cash injection of Sh2 billion according to reports.
Supermarket chain Tuskys says it needs immediate capital injection of Sh2 billion to survive in the short term as it scrambles to win back the confidence of suppliers and navigate a shareholder fallout.
Tuskys is seeking a strategic investor as one way to raise the funds in exchange for a majority stake under the rescue bid.
“Tuskys’ current financial position is very weak and may not support the business for much longer,” the directors of Orakam, a family owned investment vehicle were told at the board meeting.
Tuskys which in June 2020 was ordered by Competition Authority of Kenya (CAK) to pay supplies the Sh1.3 billion it owed them fulfilled that order by paying Sh2.7 billion more than a week ago.
A wrangle between the shareholders’ which was putting off investors was discussed and it was agreed that this be set aside for now.
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