In a Gazette Notice published yesterday, the Competition Authority of Kenya (CAK) said it had received the proposed Management Services and Loan Agreement, aimed at giving a new lease of life to debt-ridden Nakumatt. ALSO READ: Nakumatt offers suppliers debt dealCAK had initially rejected the merger plan on grounds that it had been applied on the wrong clause of anti-trust law. It said the plan was not a merger as it did not interfere with the ownership structure of Nakumatt. The deal will also see Tuskys provide management services to Nakumatt including procurement and inventory management. It was not immediately clear if Tuskys had resolved internal wrangles it had with one of its shareholder, Yusuf Mugweru, who last year went to court to block the proposed merger.

Source: Standard Digital February 02, 2018 21:00 UTC