Tuskys At Risk As Siblings Rival Each Other Over Share Deal

July 27, 2020

Tuskys is the second biggest retail chain store in the country with over 50 shops across the country. As of last week, Tuskys was set to sell majority of it’s shares in order to help it remain in competition.

This comes at a time when most customers who shop at Tuskys complained lack of essential goods in the shelves.

The sell of majority of the shares has seen one of the share holder; a son to the founder of Tuskys,Yusuf Mugweru promise that he will block the deal. He claimed there are wrangles in the retail store’s shareholders which are yet to be settled.

“They reached out to us last Sunday to support the share sale, but we have declined unless past problems are resolved,” Mr Mugweru’s lawyer, Philip Murgor said

“A transaction in the nature of a buyout cannot be contemplated, without the express and written approval of all shareholders. Our client has not consented or approved such a transaction,” he added.

This comes a few years after two of the seven brothers who own Tuskys were alleged in a scandal of stealing Kshs 1.6billion from it. They were later taken to court but the judge dismissed the case stating the brothers should settle their rivalry.