Tusker Mattresses Limited (Tuskys Supermarket) owes suppliers a total of KSh6.2 billion, reiterating that it has reached an agreement to pay 40% of the amount (Sh2.4 billion) over two years.
“Total trade supplier debt is KSh6.2 billion. As at 6th August 2020, 40% of this supplier debt has been rescheduled, and the respective suppliers have signed individual agreements to reschedule the debt to periods between eight months and 24 months,” the company wrote to CAK on 7th August 2020.
Furthermore, Tuskys says suppliers have agreed to deliver additional merchandise worth KSh1.2 billion, with goods valued at KSh200 million already supplied.
In June this year, Tuskys paid KSh2.77 billion to its suppliers, following an order from the Competition Authority of Kenya (CAK). The retailer is seeking alternative funding options, eyeing a strategic investor by 31st July 2020.
Shareholders of Orakam Holdings, the supermarket’s corporate body, approved its bid to source a strategic investor in a recent meeting.
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