Local retail chain Tusker Mattresses popularly known as Tuskys Supermarket says its shareholders have approved the acquisition of a majority stake in the business by any equity investor.

In a statement, Tuskys Supermarkets chairman Bernard Kahianyu, said shareholders of Orakam Holdings – the company that owns Tusker Mattresses Limited, have said the equity investor will be required to provide strategic leadership for the long-term growth of the supermarket’s business.

Sources close to the transaction advisors say the supermarket is looking to raise at least 6 billion shillings to recapitalise its business as the retail chain faces challenges in paying its suppliers.

Last week, the Competition Authority of Kenya indicated that Tuskys Supermarkets had made payments to suppliers to the tune of 2.77 billion shillings during the month of June, as per the Authority’s directive.

The supermarket is expected to end its search for a strategic investor by Friday, July 31, 2020.