Troubled retailer Tuskys Supermarket has received Ksh500 million capital injection from a Mauritius-based investor.
In a statement, Tuskys CEO Dan Githua said the Ksh 500 million is part of a Ksh2 billion credit disbursement the retailer was expecting from the undisclosed Mauritius investor.
Githua said that part of the amount, Ksh321 million, will be used to pay landlords, staff, and suppliers.
“We have received the first tranche of the earlier announced Ksh2 billion credit disbursement today. This first tranche disbursed today amounts to Ksh500 million and will cover immediate working capital requirements including partial settlements to our staff, suppliers and landlords among others. In particular the first tranche of the suppliers’ old debt amounting to Ksh321 million has been settled,” said Githua.
The retailer also says that the August arrears for suppliers on the online custodial trading platform have also been settled.
In August, Tuskys signed a Ksh2 billion deal with a Mauritius based investor to inject the much needed capital to the troubled retailer.
“This funding will help alleviate our current capital constraints impacted by Covid-19 and further reposition the business for increasing stakeholder’s value,” read a statement by Tuskys chairman Bernard Kahianyu.