Kenya-based Tuskys has undertaken a number of initiatives as it prepares for an IPO in the short term.
Tuskys searches for strategic investor ahead of IPO…
Tuskys is rumoured to be preparing to list on the Nairobi Securities Exchange, two years after initial proposals to do so were raised. As part of the listing plans, Tuskys is looking for a strategic investor to help it implement a new expansion strategy, develop an employee-ownership structure and invest in the business to enable these plans.
…as it continues to evolve its business model…
As the retailer looks to progress with its IPO it is promoting the evolution of its business model and the ways it is diversifying its sources of revenue. It has expanded online, is exploring a franchise model to support regional growth, especially with existing partner Vivo Energy, which has seen it establish stores on Shell branded forecourts.
The aim to use a franchising model will help Tuskys expand in both its home market and as it looks to grow its presence in Uganda. Commenting on the initiative, the retailer’s chief executive, Dan Githua, said: “We will roll out a lot of stores, especially smaller format outlets on franchise model across the East African region and it is going to happen at the same time. We have two branches being tested locally and in this case, we are allowing our partners to use the Tuskys brand, IT, human resource and supplier management systems among our other resources.”
…and appoints new managers
Tuskys said it had made two new appointments as part of its IPO process too. The selection of Daniel Kipchumba Koech as chief marketing officer, which will see him be accountable for its marketing, business development and customer experience, and Sylvester Kiptoo, as its chief information officer, will help it to streamline and strengthen its operations.