Tuskys Supermarket is planning to join NSE amid sibling rivalry
Standard Digital has reported that Tuskys Supermarket is planning to join the Nairobi Securities Exchange through an Initial Public Offering (IPO). According to Standard Digital, this revelation was made when Tuskys’ Chief Executive Officer Dan Githua visit Standard Media Group’s CEO Sam Shollei in his Mombasa Rd office. “We have the mandate from the owners of the business to give part of Tuskys to Kenyans who have been with us for over 25 years,” said Mr. Githua.
Tuskys Supermarket has been known for sibling rivalry when in 2012 fierce family feud rocked the chain of supermarkets leading to a number of court cases some of which were physical assault related; including a case where Stephen Mukuha was alleged to have assaulted his brother Yusuf Mugweru. Although these cases happened in 2012, Business Daily reported in May this year of fresh family war when Tuskys Supermarkets announced a new manager, Mr. Dan Githua, to oversee the business operations.
“John Kago, the first born in the family, who doubles as Tuskys chairman, on Monday unveiled Daniel Githua, the chief executive of Speed Capital, as the new managing director of the retail chain, saying the appointment was made with the agreement of the entire family after a February meeting where they resolved their differences” reported Business Daily. However, Yusuf Mugweru differed with the announcement denying claims that Tuskys shareholders had met and agreed to leave the business in the hands of a professional manager.
Despite the disagreements, Dan Githua took over the management of Tuskys Supermarket and in the meeting with Sham Shollei he explained that the management had the mandate from the brothers to spearhead a programme that will see Tuskys get listed in NSE by 2019 or 2020.
The reason for going public, Mr. Githua explained, is that the brothers appreciate the loyalty customers have shown Tuskys so they deserve a piece of the pie. According to the report by Standard Digital, Tuskys is also planning to expand in the larger Eastern African region to countries such as Ethiopia, DRC and Tanzania in the next five years. Already Tuskys has presence in the neighboring country Uganda.
Other than the expansions, Tuskys in partnership with Vivo Energy is also rolling out a convenient shopping experience dubbed Tuskys Express for shoppers not willing to spend more than five minutes in a mall. Already present in two Vivo Energy express stores along Thika Road, Tuskys Express are stores that stock fast-moving consumables. Customers not willing to walk into the big malls for day to day products can easily get into Tuskys Express for quick shopping.
