Tuskys Co-owner Yusuf Mugweru [Photo/Courtesy]
Tuskys Supermarket Co-Owner Yusuf Mugweru has refuted rumors circulating about a possible merger with Nakumatt.
According to reports, Mugweru is opposed to the idea of merging with the company despite reports that a deal was set to be made last week.
Mugweru claims that he is unaware of any ongoing negotiatons with struggling Nakumatt and that he has not been informed of any proposed deal.
“No information in this regard has been availed to our client as shareholder, or through Yusuf Mugweru its director on the board of Tusker Mattresses Limited and Orakam Limited and Orakam Holdings Limited,” said Philip Murgor, Mugweru’s lawyer. “Needless to state that a transaction in the nature of a merger with another company cannot be contemplated or consummated, without the express and written approval of all shareholders. Our client has not consented or approved such a transaction.”The Tuskys co-owner shares ownership with his six siblings but has claimed his family never informed him of the deal.
As a result Mugweru has threatened to take legal action against his siblings in an effort to put a stop to the merger.
“In the circumstances, our client formally notifies you as shareholders, that it is opposed to the proposed merger with Nakumatt Holdings Limited and will take all legal steps necessary to injunct the same should it become necessary, without prejudice to its rights to wind up Orakam Holdings and to apply for the appointment of a receiver to deal with, and dispose of its sole asset, Tusker Mattresses,” he added.