Pick n Pay ups stake in Zimbabwe’s Thomas Meikles

2011-12-02 10:42

Harare – Pick n Pay Retailers will invest $13 million (R105 million) in Zimbabwe’s Thomas Meikles, raising its stake in the supermarket chain from 25% to 49%, Thomas Meikles announced today.

“This investment by Pick n Pay has received approvals from the Reserve Banks of Zimbabwe and South Africa,” as well as other relevant authorities, Thomas Meikles said in a statement to shareholders.

Thomas Meikles said the investment was in line with new regulations imposed by President Robert Mugabe, limiting foreigners’ stakes in Zimbabwean firms to 49%.

“Thomas Meikles will use this $13 million investment to update and refurbish existing stores, and the public will notice changes in Thomas Meikles’s supermarkets in the coming months,” it said.

“In time, there will be the establishment of a number of franchise operations which will create employment opportunities.”

The company said the Thomas Meikles brand will be retained, “though certain strategic stores will be rebranded Pick n Pay”.

Thomas Meikles Supermarkets is part of the business empire established in 1910 by founder Thomas Meikles.
The company has interests in hotels, property, ranching and investment.

The investment marks a vote of confidence in Zimbabwe by a key South African firm, as other companies in the continent’s economic powerhouse have searched for opportunities across the border.

Zimbabwe’s economy has stabilised over the past two years after Mugabe and Prime Minister Morgan Tsvangirai formed a coalition government, discarding the local dollar left worthless by inflation, which ran into multiples of billions.

The country is now using the US dollar and regional currencies such as the South African rand.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.