Earlier this year, the South African firm increased its stake at TM to 49 percent in a deal worth US$13 million. Previously, it owned 25 percent stake.
“We welcome the opportunity to participate more meaningfully in the stabilization of the Zimbabwe economy and we are impressed with the hard work of the team at TM Supermarkets in Zimbabwe.
Our team at TM has worked extremely hard in a tough trading environment and we are very pleased at the progress made. Recently, we undertook to increase our stake in TM Supermarkets, which shows our confidence,” Tamra Veley, Pick n Pay spokesman told The Zimbabwean.
Veley added that the Johannesburg Stock Exchange-listed company was poised to profit from the Southern African region where it was among the biggest retailers.
“What we can say is that the Southern African region presents an increasingly attractive market for us and as disposable incomes in the rest of Africa grow, we feel the region’s retail potential remains largely untapped.”Post published in: Business