Tuskys Mattresses Directors Stephen Mukuha, Dr John Kago and George Gachwe cutting cake to mark Late Mzee Joram Kamau DayNAIROBI, KENYA: The progress to bailout Tuskys Supermarket from cash flow problems is on top gear with top management and shareholders approving ongoing strategic investor sourcing efforts. At a recent meeting, the retailer’s shareholders underscored the need for new investors, which they say is a crucial development and lifeline for the business. According to a statement from Bernard Kahianyu Tuskys Chairman, the Orakam shareholders provided their nod to the acquisition of a majority stake in TUSKYS by any equity investor who will further provide strategic leadership for the long-term growth of the business and the benefit of all stakeholders. SEE ALSO: Tuskys seeking strategic investor in bailout bid, says CAKAs the strategic investment option proceeds, the Management team has also been actively engaging business stakeholders with the Board’s support. Through this engagement effort, Tuskys said it has secured a suppliers’ commitment to avail supplies for sale pending the conclusion of the capitalisation effort.

Source: Standard Digital July 28, 2020 09:16 UTC