By MUTHOKI MUMOMore by this AuthorA sibling of Tuskys’ family owners has renewed his objection to a plan to rescue Nakumatt, saying wrangles among the retail chain’s shareholders are yet to be resolved. In response to Mr Mugweru’s objection, the CAK asked Tuskys to resolve internal shareholder wrangles if it wished to have the merger application considered. Nakumatt and Tuskys have since sought regulatory exemption to a deal in which Tuskys will provide Nakumatt with credit and management services, rather than a merger. Mr Mugweru’s lawyers claim that Tuskys “dominant” shareholders have taken “no steps whatsoever” to resolve the long standing disputes. Mr Mugweru’s main objection to the deal is that the retailer does not have the financial capacity to revive the heavily indebted Nakumatt.

Source: Daily Nation February 03, 2018 10:18 UTC