Tuskys ends speculation on NSE listing
- Tusker Matrresses Group Chief Executive Officer Daniel Githua spilled the beans on a potential initial public offering for the firm’s shares in mid-2019.
- The firm had until now been reluctant to comment on multiple reports in the press linking it with a possible listing on the bourse in the new year in spite of the retailer’s recent action to join the NSE incubator program.
Tuskys supermarket has given its clearest indicator yet of listing at the Nairobi Securities Exchange (NSE) bourse ending the long-standing speculation on the largely anticipated undertaking.
Speaking on the sidelines at the close of the retailer’s end-year reward program, Tusker Matrresses Group Chief Executive Officer Daniel Githua spilled the beans on a potential initial public offering for the firm’s shares in mid-2019.
“We will definitely join the main market segment. Two weeks ago, we entered an incubation period with the NSE. This is the first step towards an actual listing. I expect Tuskys to be in the NSE by the third quarter of 2019,” he said.
The firm had until now been reluctant to comment on multiple reports in the press linking it with a possible listing on the bourse in the new year in spite of the retailer’s recent action to join the NSE incubator program.
Dubbed Ibuka, the exchange’s incubation and acceleration platform, composed of financial advisers and consultants is geared at guiding firms to possible listings in the future for a period stretching 10 months.
NSE Chief Executive Officer Geoffrey Odundo had in the retailer’s annual gala dinner dropped the biggest hint of Tuskys incorporation at the bourse in the near term by highlighting the firm’s strengthened working relationship with the securities exchange.
Tusker Mattresses is currently embarking on a growth and expansion strategy to consolidate on its position as a leading retailer player in Kenya and the East African region to include new shopping outlets for its Tuskys and Mavazi clothing brands.
The retailer has also in recent weeks established an e-commerce trading platform to support its physical shopping hubs. The online platform has emmersed a total of 4 milliion visits in its first week according to the group’s C.E.O.
The success of the e-commerce hub could see the retailer slowdown on its branch expansion with Daniel Githua tipping online trade as the next frontier for Kenya’s retail sector.
“More business will be coming from technology rather than from opening physical stores. However, you will see Tuskys open more stores. We are however planning to take the sale of durable consumer commodities such as furniture and electronics fully online, the sale of groceries does however remain largely in physical stores,” he said.
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