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TM STORES - ZIMBABWE

PICK 'N PAY

Pick n Pay own 25% of TM Supermarkets which operates in Zimbabwe. As part of their African expansion they have negotiated to purchase a further 24% of the business, this is awaiting approval from the Zimbabwe Government.  

INTRODUCTION

We are once again accounting for our share of profits from our 25% investment in TM Supermarkets in Zimbabwe (TM). We are encouraged by the improved economic climate and trading stability in Zimbabwe and are impressed with the strides made by the team at TM in rebuilding that business. 

STRATEGY

We are once again accounting for our share of profits from our 25% investment in TM Supermarkets in Zimbabwe (TM). We are encouraged by the improved economic climate and trading stability in Zimbabwe and are impressed with the strides made by the team at TM in rebuilding that business. We have successfully concluded negotiations to purchase a further 24% of TM, to bring our total shareholding to 49%. The transaction is awaiting approval by the Reserve Bank of Zimbabwe and the Zimbabwean Indigenisation Board.  

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