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Nakumatt: Another ailing Kenyan company
Rank: Chief Joined: 5/9/2007 Posts: 13,095
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Rank: Member Joined: 9/13/2006 Posts: 123
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This is the way the deal works. Nakumatt owners have siphoned off 25 billion fraudulently. They now will pump in that stolen money through Tuskys as a merger, re stock strategy. This way they absolve themselves of repaying any of their debts. Gullible suppliers and other debtors feel some hope with this and call off the court orders for winding up. Same crooks use another skin to con more people! Tuskys goes insolvent in 5 years time. These are master con people.
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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pops wrote:This is the way the deal works. Nakumatt owners have siphoned off 25 billion fraudulently. They now will pump in that stolen money through Tuskys as a merger, re stock strategy. This way they absolve themselves of repaying any of their debts. Gullible suppliers and other debtors feel some hope with this and call off the court orders for winding up. Same crooks use another skin to con more people! Tuskys goes insolvent in 5 years time. These are master con people. Led by none other than the boss.. But Tuskys will gain out of the situation, if they play their cards right.. Ours is a sad country
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Tuskys has nothing to gain...this is money laundering in the purest. Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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KulaRaha wrote:Tuskys has nothing to gain...this is money laundering in the purest. Precisely, With real estate saturation, this is the new avenue. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Member Joined: 7/7/2009 Posts: 41
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Mike Ock wrote:kayhara wrote:Guys this being Kenya what if there is a faceless cat hiding behind Tuskys to get to Nakumatt, someone with 30 Billion to launder and clean, Nakumatt if well managed can be a very good washing machine, if no branches are closed then this is a big probability, Naivas was eying some Nakumatt branches in Nairobi and Mombasa guess they got jumped. You can't launder money by paying debt, you'll be giving your hard stolen money to the bank  . Zero hope here. If the Tuskys MD is a Wazuan, please just let Nakumatt go die and take up some of the locations they leave behind. We are tired of looking up and down for basic commodities like we've gone back to hunter-gatherer times. The only people I pity are the staff and suppliers. These owners are sipping expensive stuff and they watch the drama. They know how fat their accounts are.... Happiness is not the absence of problems, It's the ability to deal with them
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Gathige wrote:KulaRaha wrote:Tuskys has nothing to gain...this is money laundering in the purest. Precisely, With real estate saturation, this is the new avenue. Eat your business to death, then come in like an angel investor and restart the process... Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 1/22/2015 Posts: 682
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Despite all this merger hullabaloo, the debt still stands and the debtors are still calling. Now TRM are wondering loudly about replacing Nakumatt due to rent arrears http://www.businessdaily...578-12fahf4z/index.html
stupid merger rumors only delaying the inevitable, Nakumatt wafunge virago haraka please!
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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The moment one landlord successfully kicks those conmen out, there will be an avalanche of others. Merger my foot... Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 9/2/2010 Posts: 845
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I suspect Nakumatt are the ones who ran to the media with this thing. They are the ones in distress. All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Member Joined: 1/22/2015 Posts: 682
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innairobi wrote:I suspect Nakumatt are the ones who ran to the media with this thing. They are the ones in distress. Atul Shah was quoted in Citizen's story, it's him who was planting rumors. Today I was at Nakumatt Ukay at 8pm. I perused through all the aisles, we were only 3 customers in the whole place! So not only is the debt still hovering, but customer confidence has quickly evaporated as well. Dead and useless supermarket. Replace!
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Rank: Member Joined: 2/8/2007 Posts: 808
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Mike Ock wrote:Kausha wrote:Mike Ock wrote:Ericsson wrote:obiero wrote:KulaRaha wrote:So, what's in it for Tuskys in this deal? Tuskys will be selling its stock via Nakumatt outlets.. This is brilliant from Tuskys.. If it stinks they bail. The debt owed by Nakumatt remains on the applicant The merged entity of Nakumatt and Tuskys has 6 years to clear the debt owed to financiers and suppliers. That is why Nakumatt has pledged its shares to the financiers. Cost cutting and shutting of some branches will happen big time. Some overlapping roles have to be abolished Nakumatt makes around 300m in a year. Clearing that 30b debt will take 100 years. Even if this move were to double or triple the profit, we're still talking 50 or 33 years to clear the debt. And let's be clear, that debt is here to stay. No shutting of branches or streamlining will take it away. It simply must be paid off with cold hard cash. This whole rushed announcement sounds to me like the noise Nakumatt were making earlier in the year about a secret investor that will take over. Desperate kicks of a dying horse. There is no gazette notice and thus I don't believe Tuskys will go through with it. No sane businessman can buy into this rotten carcass. This supermarket should just be left to die ASAP and another take it's place so that we can resume normal shopping and get on with our lives. Don't feel sorry for the owners, they have definitely made a lot of money over the years despite this unfortunate end, waende ushago sasa kupumzika. Nakumatt staff can also be absorbed en masse by whichever supermarket comes up. That is the only solution. Anything else is just postponing the burial and leaving us citizens with few shopping options! Very dim view of how the business world works and a simplistic perspective to go with. Nakumatt is one of the largest employers in Kenya. Shopping can be done where you wish. I applaud this deal because it is an example of the resilience Kenyans are all about and also for demonstrating brotherhood/ sisterhood.Nakumatt founder helped mr Kago found Tuskys. For those who have been to Haku's office in Msa road, the late Joram Kago's portrait hangs next to the late Shah's. That businesses build on brotherhood can salvage each other is a great story. Now could they salvage Uchumi? Who knows??? I'm a seasoned businessman and if there's one thing I've learnt over the years, it's that business boils down to very simple Standard 2 mathematics at the end of the day: money in vs money out. You can spin all the brotherhood/resilience stories you want, but when you do the simple mathematics for Nakumatt, it's absolutely hopeless. Anyway, why are you feeling sympathy for the owners? They've made billions over the years and will not be personally liable for any debts when the music stops. After Nakumatt is placed under receivership, the debt will now be the bank's problem, and Kenyan banks make astronomical profits so they can easily absorb the hit. When Nakumatt are gone, some other entrepreneurs will definitely scoop up the most lucrative locations and just poach the Nakumatt staff back. Sad as the situation is, the average lifespan for even the biggest, best run companies(S&P 500) is 20 years. This is just a natural death for Nakumatt. Let them die quickly and we shop normally again at the replacement. You need much more seasoning if at all you are a businessman. Nakumatt admits new owner can't walk away from any creditor. Intact this deal any subject to the financiers agreeing besides wangombe. Lastly this deal is much bigger than what you are seeing . I suspect Uchumi....
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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Kausha wrote:Mike Ock wrote:Kausha wrote:Mike Ock wrote:Ericsson wrote:obiero wrote:KulaRaha wrote:So, what's in it for Tuskys in this deal? Tuskys will be selling its stock via Nakumatt outlets.. This is brilliant from Tuskys.. If it stinks they bail. The debt owed by Nakumatt remains on the applicant The merged entity of Nakumatt and Tuskys has 6 years to clear the debt owed to financiers and suppliers. That is why Nakumatt has pledged its shares to the financiers. Cost cutting and shutting of some branches will happen big time. Some overlapping roles have to be abolished Nakumatt makes around 300m in a year. Clearing that 30b debt will take 100 years. Even if this move were to double or triple the profit, we're still talking 50 or 33 years to clear the debt. And let's be clear, that debt is here to stay. No shutting of branches or streamlining will take it away. It simply must be paid off with cold hard cash. This whole rushed announcement sounds to me like the noise Nakumatt were making earlier in the year about a secret investor that will take over. Desperate kicks of a dying horse. There is no gazette notice and thus I don't believe Tuskys will go through with it. No sane businessman can buy into this rotten carcass. This supermarket should just be left to die ASAP and another take it's place so that we can resume normal shopping and get on with our lives. Don't feel sorry for the owners, they have definitely made a lot of money over the years despite this unfortunate end, waende ushago sasa kupumzika. Nakumatt staff can also be absorbed en masse by whichever supermarket comes up. That is the only solution. Anything else is just postponing the burial and leaving us citizens with few shopping options! Very dim view of how the business world works and a simplistic perspective to go with. Nakumatt is one of the largest employers in Kenya. Shopping can be done where you wish. I applaud this deal because it is an example of the resilience Kenyans are all about and also for demonstrating brotherhood/ sisterhood.Nakumatt founder helped mr Kago found Tuskys. For those who have been to Haku's office in Msa road, the late Joram Kago's portrait hangs next to the late Shah's. That businesses build on brotherhood can salvage each other is a great story. Now could they salvage Uchumi? Who knows??? I'm a seasoned businessman and if there's one thing I've learnt over the years, it's that business boils down to very simple Standard 2 mathematics at the end of the day: money in vs money out. You can spin all the brotherhood/resilience stories you want, but when you do the simple mathematics for Nakumatt, it's absolutely hopeless. Anyway, why are you feeling sympathy for the owners? They've made billions over the years and will not be personally liable for any debts when the music stops. After Nakumatt is placed under receivership, the debt will now be the bank's problem, and Kenyan banks make astronomical profits so they can easily absorb the hit. When Nakumatt are gone, some other entrepreneurs will definitely scoop up the most lucrative locations and just poach the Nakumatt staff back. Sad as the situation is, the average lifespan for even the biggest, best run companies(S&P 500) is 20 years. This is just a natural death for Nakumatt. Let them die quickly and we shop normally again at the replacement. You need much more seasoning if at all you are a businessman. Nakumatt admits new owner can't walk away from any creditor. Intact this deal any subject to the financiers agreeing besides wangombe. Lastly this deal is much bigger than what you are seeing . I suspect Uchumi.... 20 years of survival for large companies? I would like to see a link or research
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Member Joined: 1/22/2015 Posts: 682
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@obiero here is research by Credit Suisse https://www.cnbc.com/201...any-under-20-years.html
For the conspiracy theorists, the Kenyatta family's Brookside has been revealed to be the supplier with the biggest debt owed by Nakumatt and they have launched a High Court petition to wind down this useless shop so that they get their money back: http://www.businessdaily...3736-euociyz/index.html
There is no conspiracy here, just terrible terrible business. I hope that the Kenyatta family can put the final nail in the Nakumatt coffin
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Rank: Member Joined: 9/11/2014 Posts: 228 Location: Nairobi
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Mike Ock wrote:@obiero here is research by Credit Suisse https://www.cnbc.com/201...any-under-20-years.html
For the conspiracy theorists, the Kenyatta family's Brookside has been revealed to be the supplier with the biggest debt owed by Nakumatt and they have launched a High Court petition to wind down this useless shop so that they get their money back: http://www.businessdaily...3736-euociyz/index.html
There is no conspiracy here, just terrible terrible business. I hope that the Kenyatta family can put the final nail in the Nakumatt coffin @Mike, you sound somewhat bitter. Are you one of the creditors? If so, sincere pole
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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Mike Ock wrote:@obiero here is research by Credit Suisse https://www.cnbc.com/201...any-under-20-years.html
For the conspiracy theorists, the Kenyatta family's Brookside has been revealed to be the supplier with the biggest debt owed by Nakumatt and they have launched a High Court petition to wind down this useless shop so that they get their money back: http://www.businessdaily...3736-euociyz/index.html
There is no conspiracy here, just terrible terrible business. I hope that the Kenyatta family can put the final nail in the Nakumatt coffin From the article I gather that S&P 500 companies are getting younger based on newer entrants in the same space
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Member Joined: 1/22/2015 Posts: 682
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iris wrote:Mike Ock wrote:@obiero here is research by Credit Suisse https://www.cnbc.com/201...any-under-20-years.html
For the conspiracy theorists, the Kenyatta family's Brookside has been revealed to be the supplier with the biggest debt owed by Nakumatt and they have launched a High Court petition to wind down this useless shop so that they get their money back: http://www.businessdaily...3736-euociyz/index.html
There is no conspiracy here, just terrible terrible business. I hope that the Kenyatta family can put the final nail in the Nakumatt coffin @Mike, you sound somewhat bitter. Are you one of the creditors? If so, sincere pole I'm bitter with the state of retail in Kenya. All the retailers except Naivas are having teething problems despite all being 10+ years old. It has reduced my quality of life considerably and I'd like all these jokers replaced with competent professionals so that my life gets back to normal
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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Mike Ock wrote:iris wrote:Mike Ock wrote:@obiero here is research by Credit Suisse https://www.cnbc.com/201...any-under-20-years.html
For the conspiracy theorists, the Kenyatta family's Brookside has been revealed to be the supplier with the biggest debt owed by Nakumatt and they have launched a High Court petition to wind down this useless shop so that they get their money back: http://www.businessdaily...3736-euociyz/index.html
There is no conspiracy here, just terrible terrible business. I hope that the Kenyatta family can put the final nail in the Nakumatt coffin @Mike, you sound somewhat bitter. Are you one of the creditors? If so, sincere pole I'm bitter with the state of retail in Kenya. All the retailers except Naivas are having teething problems despite all being 10+ years old. It has reduced my quality of life considerably and I'd like all these jokers replaced with competent professionals so that my life gets back to normal Carrefour and chandarana are there to sort your life Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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Filling the gaps 
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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obiero wrote:Mike Ock wrote:@obiero here is research by Credit Suisse https://www.cnbc.com/201...any-under-20-years.html
For the conspiracy theorists, the Kenyatta family's Brookside has been revealed to be the supplier with the biggest debt owed by Nakumatt and they have launched a High Court petition to wind down this useless shop so that they get their money back: http://www.businessdaily...3736-euociyz/index.html
There is no conspiracy here, just terrible terrible business. I hope that the Kenyatta family can put the final nail in the Nakumatt coffin From the article I gather that S&P 500 companies are getting younger based on newer entrants in the same space Getting younger or having a shorter life span based on disruption? Does having a shorter life span means you are getting younger Sibuor? If Obiero did it, Who Am I?
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