Pick n Pay ups Zim investments
Fin24 - Aug 22nd 2014, 16:11
Harare - Supermarket chain Pick n Pay [JSE:PIK] has released about US$40m split towards funding for an additional equity share and refurbishments of the Meikles groups’ retail arm, TM Supermarkets.
According to Zimbabwean news agency Financial Express, Pick n Pay purchased an additional 24% to increase its stake to 49% in TM. The South African company paid $13m for the additional stake, according to Dallas Langman, director of group enterprises.
“There have been two packages; one was when we purchased additional equity share, for which we paid $13m, and that has all gone into the business,” said Langman.
“Between the Meikles group and Pick n Pay we provided a further loan of $25m in the last 12 months to refurbish more of the landscape in our business,” said Langman.
The $25m loan brings the total investment in the last three years to $38m.
“That’s a massive vote of confidence in our belief that we have in our partnership,” said Langman.
The relationship between Pick n Pay and Meikles started about 15 years ago and it has gone from strength to strength.
“The relationship is constantly evolving understanding one another and the collaboration between the two companies is fantastic,” he said.
Zim strawberries for SA
Langman said Pick n Pay is taking Zimbabwean strawberries to South Africa and is looking at increasing the number of products exported across the Limpopo River.
“We want to do that in fruit and vegetables such as cabbages, chilies, green beans, and peas as well,” said Langman.
By December, Pick n Pay will have increased its stores to 10, and Langman said the supermarket chain is “looking at other avenues of opportunities such as Nigeria, Ghana, Mozambique, and Angola”.From Fin24.com
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