The South African firm’s managing director, Nick Badminton, told The Zimbabwean Pick ’n Pay was awaiting approval from Zimbabwean authorities to increase its stake by a further 24 percent, which will make it a majority shareholder.
Presently, the Johannesburg Stock Exchange Securities-listed company owns a 25 percent stake. “We are happy with the performance of TM,” Badminton said.
“We have received approval from the Zimbabwe Investment Bureau, the Indigenisation Board and the Reserve Bank of Zimbabwe, and await final approval from the Competition and Tariffs Commission, which we believe to be imminent.”
Pick ’n Pay is South Africa’s second-largest retailer.
TM Supermarkets is one of a number of Zimbabwean retailers that are emerging from a decade-long economic crisis largely blamed on controversial policies by President Robert Mugabe’s administration.
Analysts said the deal would be a boost to TM, facilitating the sourcing of products from South Africa to compliment its Zimbabwean range.
Post published in: Business