RECOVERY PLANS

Tuskys shareholder says the firm will settle all debts owed by creditors

Said shareholders have full confidence in the management led by group CEO.

In Summary

• Stephen Mukuha said shareholders have full confidence in the management and staff teams led by group CEO Dan Githua to oversee the firm’s recovery.

• Vimal Shah disclosed said that Tuskys had maintained transparency and honesty in its engagements with its creditors.

Tuskys Supermarket
Tuskys Supermarket
Image: FILE

Tusker Mattresses Limited shareholder Stephen Mukuha has promised to ensure the full settlement of debts owed by the company to various creditors as part of the firm’s recovery plan.

Mukuha made his remarks on Friday during the relaunch of the restocked Tuskys T-Mall hypermarket branch adding that a passionate undertaking to ensure that all supplier debts are settled in the coming months.

While paying tribute to Tuskys staff, customers, suppliers, and other partners, Mukuha reiterated that TML shareholders have committed to deliver the firm out of its current challenges.

 

He also added that the shareholders have full confidence in the management and staff teams led by group CEO Dan Githua to oversee the firm’s recovery.

“I promise you that for as long as I live, I shall ensure that all our debts to you are fully settled to the last coin,” he said.

He added that,  “We are distressed and acutely disturbed at the turn of events but we have undertaken to ensure a full turnaround for the sake of our dedicated staff, esteemed suppliers, landlords, and other partners including our loyal customers.”

Speaking at the event on behalf of other suppliers, Vimal Shah disclosed said that Tuskys had maintained transparency and honesty in its engagements with its creditors.

“We have been in such challenges before with other players who were, however not honest and transparent. Tuskys management has continued to engage us transparently, and the adoption of the trading platform has allowed us to trust their recovery plan,” Shah said.

Tuskys Group CEO Dan Githua confirmed that the firm had managed to successfully bring on-board more than 186 suppliers on the new trading portal.

Group CEO added that the firm has already generated three supplier payment cycles amounting to more than Sh700 million barely a month into its pilot run.

 

“The portal development has continued in line with requests from suppliers. To date, we have handled 46 improvement requests. We are also working on the following improvements which we are keen to deliver by August 31,” he said.

Githua also said that the firm’s IT team is adding features requested by the suppliers including a dashboard to showcase accurate stock holding per store.