Not a cent coming into the TM Stores business will go to shareholders dividends. All the money is earmarked for developing and strengthening TM stores. Seven stores will be rebranded with the Pick ‘n Pay brand,” said Dallas Langman, Head of Group Enterprises (Africa).
TM Kamfisa will be the first to be rebranded. “The investment will see money being spent on local procurement processes and will give employment to Zimbabweans during the refurbishment of stores and their staffing,” he added.
Zimbabwe’s Competitions and Tariffs Commission recently cleared Pick n Pay to increase its stake in TM Zimbabwe, making it the majority shareholder with a 49 percent stake.
“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. We’ll make sure it continues to do so,” Langman said.
Post published in: Africa News