The Competitions and Tariffs Commission this past weekend cleared Pick n Pay to increase its stake in Zimbabwe’s largest retail chain in a deal estimated at $13 million. Officials welcomed the move.
“Our intention was always to lift our shareholding to 49 percent, and we have now been cleared to do so, which is good news. We have always had great faith in the TM business. There is good potential for cross-learning and we hope to expand our footprint in Zimbabwe.
We believe the TM business is extremely well run and that it presents a high quality, great value proposition for Zimbabweans. We’ll make sure it continues to do so,” Tamra Veley, Pick n Pay spokesperson told The Zimbabwean.
The South African company said the decision to increase its stake in TM supermarkets highlighted its confidence in TM’s turnaround prospects and efforts to boost Zimbabwe’s economic revival.Post published in: Business