Kenyan retailer Tuskys kick offs Nairobi Stock Exchange listing process

KENYA – Kenya’s leading retail chain, Tuskys has kicked off its listing process on the Nairobi Securities Exchange (NSE) and has started searching for transaction advisors as it eyes a September 2020 listing.

The retailer, which also has business in Uganda has been incubated into the IBUKA program of the Nairobi Securities Exchange in a bid to accelerate its listing process, a report by KBC reveals.

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Tuskys Supermarkets Chief Dan Githua says the company is targeting to list on the bourse in 2020 in a bid to raise funds for regional expansion.

Nairobi Securities Exchange says the retailer is joining the Accelerator Board of the program following a rigorous evaluation and vetting process. Tuskys is the fifteenth company to join the program since its launch in December 2018.

The NSE Ibuka Program is aimed at growing the visibility, brand recognition and business opportunities for hosted companies.

Franchise model to accelerate growth

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Tuskys is also piloting its first franchise branch in the country’s capital, Nairobi as part of its strategy to increase dominance in the sector.

Dan Githua said in an interview with Business Daily that the company has set out a plan that would see it execute several growth strategies that include franchising and consolidation with smaller retailers by 2024.

The plan includes partnering with local investors who will use the Tuskys brand name. The retailer has unveiled plans of expanding the model across the East Africa region

This will also see Tuskys partner with investors in setting up smaller stores in Kenya and Uganda – where it currently has seven outlets and merging with smaller outlets to accelerate growth.

“We will roll out a lot of stores, especially smaller format outlets on franchise model across the East African region and it is going to happen at the same time.

“We have two branches being tested locally and in this case, we are allowing our partners to use the Tuskys brand, IT, human resource and supplier management systems among our other resources,” said Mr Githua.

Mr Githua said the firm’s deal with oil marketer Vivo Energy also enables it to open up more express outlets at Shell petrol stations across the region more aggressively.

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