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Nakumatt: Another ailing Kenyan company
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obiero
#391 Posted : Sunday, September 17, 2017 8:59:40 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,219
Location: nairobi
Juojo wrote:
Walked into Nakumatt Mega and could literally smell the stench of death.The shelves were empty. The look on the faces of the few employees hanging around discussing in small groups was heartbreaking

I visited it too, just yesterday and it was a shell.. Luckily, Tuskys have today put forward a request for takeover.. Hope that the same is accepted

KQ ABP 4.26
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Ericsson
#392 Posted : Monday, September 18, 2017 8:11:16 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
obiero wrote:
Juojo wrote:
Walked into Nakumatt Mega and could literally smell the stench of death.The shelves were empty. The look on the faces of the few employees hanging around discussing in small groups was heartbreaking

I visited it too, just yesterday and it was a shell.. Luckily, Tuskys have today put forward a request for takeover.. Hope that the same is accepted


Obiero link
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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KulaRaha
#393 Posted : Monday, September 18, 2017 8:19:31 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Received on Whatsapp yesterday:

Breakthrough with Nakumatt. They've just signed a merger with Tuskeys and management will be done by Tuskeys. The Nakumatt family will step down and pledge their shares to the financiers for a period of six years. More details will be in the press tomorrow, somebody just got a call from the CEO
Business opportunities are like buses,there's always another one coming
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Gathige
#394 Posted : Monday, September 18, 2017 8:30:06 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
KulaRaha wrote:
Received on Whatsapp yesterday:

Breakthrough with Nakumatt. They've just signed a merger with Tuskeys and management will be done by Tuskeys. The Nakumatt family will step down and pledge their shares to the financiers for a period of six years. More details will be in the press tomorrow, somebody just got a call from the CEO



The challenge with Tuskys is weak governance ( remember recently when the grandchildren stormed the HQ and kicked off the MD) and they may not have a solid financial base to carry Nakumatt and may therefore not put in the cash required
"Things that matter most must never be at the mercy of things that matter least." Goethe
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KulaRaha
#395 Posted : Monday, September 18, 2017 8:51:07 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
My question is, if you are a supplier, and you have money stuck in Nakumatt, would you increase your exposure with a Tusky's guarantee, knowing full well you probably will never be repaid what Nakumatt originally owes?
Business opportunities are like buses,there's always another one coming
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watesh
#396 Posted : Monday, September 18, 2017 9:03:20 AM
Rank: Veteran

Joined: 8/10/2014
Posts: 992
Location: Kenya
KulaRaha wrote:
My question is, if you are a supplier, and you have money stuck in Nakumatt, would you increase your exposure with a Tusky's guarantee, knowing full well you probably will never be repaid what Nakumatt originally owes?

Hard decision. If you avoid and your competitor takes your place and things go well, you will regret. If you go ahead and things get messed up, you are in trouble once again
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KulaRaha
#397 Posted : Monday, September 18, 2017 9:16:29 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
watesh wrote:
KulaRaha wrote:
My question is, if you are a supplier, and you have money stuck in Nakumatt, would you increase your exposure with a Tusky's guarantee, knowing full well you probably will never be repaid what Nakumatt originally owes?

Hard decision. If you avoid and your competitor takes your place and things go well, you will regret. If you go ahead and things get messed up, you are in trouble once again


But once you restart supplying, you are accepting that whatever they owe you is gone!
Business opportunities are like buses,there's always another one coming
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washiku
#398 Posted : Monday, September 18, 2017 9:58:09 AM
Rank: Chief

Joined: 5/9/2007
Posts: 13,095
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Ericsson
#399 Posted : Monday, September 18, 2017 10:05:02 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Tuskys finances is co-managed by KCB. They can't open any additional branch and appoint a CEO without KCB approval.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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KulaRaha
#400 Posted : Monday, September 18, 2017 10:06:19 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
TBH, this all sounds like another Nakumatt con job....
Business opportunities are like buses,there's always another one coming
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