Connect with us

Hi, what are you looking for?



Hope for Tuskys as Mauritius-based fund offers Sh2bn in recovery plan

NAIROBI, Kenya, Aug 26 – Tusker Mattresses said it signed an agreement with a Mauritius based fund to receive a capital injection amounting to over Sh2 billion, as part of its recovery plan.

In a statement, Tusky’s board of directors Chair Bernard Kahianyu said the funding will help alleviate the firm’s current capital constraints impacted by COVID-19.

He added that the funding, which is subject to fulfilling transaction condition precedents, will also reposition the business for increasing stakeholders’ value.

“This funding will provide the needed impetus to our overall capitalization journey,” he said.

News of the capital injection comes even as auctioneers shut down one of the company’s supermarkets in Eldoret on Tuesday over rent arrears amounting to over Sh14 million.

Settling Debt 

The rescue deal comes days after the supermarket chain said it is working on settling all debts owed to various creditors as part of its recovery plan.

The firm owes suppliers at least Sh6.2 billion and has agreed to pay 40 percent of the amount in over 2 years.

On Saturday, the firm said it had already paid Sh700 million to some suppliers, a step towards settling the debts.

Advertisement. Scroll to continue reading.

Mid this month, Tuskys said it will restock its outlets to the tune of Sh1.2 billion to revive its business.

The Group’s CEO Dan Githua said the restocking will be done in conjunction with its leading suppliers, who have committed to support the firm’s business recovery plans.

1 Comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...