Shoppers at a Tuskys supermarket in Nairobi. PHOTO | DIANA NGILA Tuskys Supermarkets has given the strongest indication that it may list on the Nairobi Securities Exchange (NSE) as the retailer eyes increased market in the East African region.
Speaking during this year’s gala dinner for the retailer’s staff and suppliers on Thursday, NSE Chief Executive Officer Jeff Odundo said Tuskys is ripe for listing in the coming months.
The supermarket has been working with the Nairobi bourse for the past eight months in an incubation programme, in what many regard as preparations to publicly trade its shares.
“We called into Tuskys a few months ago and we feel at home that this firm is almost ready to list at the NSE,” Odundo said.
The NSE chief added that staff and suppliers should consider buying into the Employee Share Ownership Programme (ESOP) scheme and raise development funds.
Tusker Mattresses Group Chief Executive Officer Dan Githua said the retailer is looking forward to great things next year, without giving further details.
Corporate strategy
Mr Githua added the retailer is pursuing a corporate strategy in efforts to become the leading player in the regional market. The revelation comes as the retailer continues to enjoy growing market in the void left by the struggling Uchumi and Nakumatt supermarkets.
In July, Tuskys secured a six-year lease to open its branch in Westlands taking over the space previously occupied by Uchumi.
It followed up the move with expansion into New Muthaiga Mall to take over the space vacated by Nakumatt in the up-market suburbs of Muthaiga, Nyari, Kitisuru, Kyuna, Spring Valley and Rosslyn estate.
In November last year, the retailer took over the space vacated by the struggling Nakumatt in Kisii and Kisumu at a combined cost of Sh240 million.Tuskys has its clothing subsidiary in Uganda, Mavazi Lifestyle and targets to hit 100 outlets in the next three years.