Tuskys CEO Dan Githua during the supermarket’s Ibuka listing on August 1,2019 at the NSE PHOTO | CITIZEN DIGITAL According to Tuskys CEO Dan Githua, the strategic investor is expected to guide the company’s expansion strategy into the region to incorporate additional capital injection and the development of an employee-ownership plan.
Tuskys has in the lack of a public listing enrolled to the NSE Ibuka program and in essence ends hope for a 2019 IPO.
The lack of applications for a public listing at this point in 2019 has however not dented the enthusiasm of the NSE with the trading house CEO Geoffrey Odundo expectant of a subsequent listing conversion from the pool of Ibuka entries
Tuskys supermarket is out to shop for a strategic investor in its bid to publicly list at the Nairobi Securities Exchange (NSE)
The firm incorporated as the Tusker Mattresses Limited has since withheld its much-awaited public listing by at least a further 18-months as management seeks to put its house in order ahead of the activation of the rigorous Initial Public Offer (IPO).
According to Tuskys Chief Executive Officer Dan Githua, the strategic investor is expected to guide the company’s expansion strategy into the region to incorporate additional capital injection and the development of an employee-ownership plan.
“The first thing would be to improve our internal governance structure. We would need to ensure that our structure can withstand public scrutiny upon listing. Our goal would be to present a well-capitalized company to investors as we wouldn’t want to be confronted by the suggestion that we are only listing for money,” he said.
The retail giant first hinted at a possible NSE listing in mid-2016 with a keen eye on regional growth having taken attraction in the growing regional retail opportunities highlighted by the rising disposable incomes of the nearly 300 million participants in the East African market.
The supermarket, which has humble beginnings in the present day Nakuru County, has grown from a standalone entity in the small town of Rongai to incorporate 65 branches in both Kenya and Uganda with a staff stock of over 6000 employees and nearly 800 independent suppliers.
The family-owned supermarket has however been the subject of heated internal wrangles tainting the stability of the firm’s management most recently as five heirs to the business faced off for the control of the company.
Tuskys management has ceded the daily operations of the supermarket away from […]
