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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.  

Related News

Customers reward a better, stronger and clearer Pick n Pay
23/10/2013 - 10:54
In an extremely competitive market, customers have responded positively to decisive action by Pick n Pay to improve the shopping trip. In the first six months to 01 September 2013, the company delivered an improved financial performance over the previous period, growing Group till sales (owned and franchise stores) by 8.1%.

Pick n Pay sheds 400 jobs over costs
02/09/2013 - 10:01
Johannesburg - About 400 Pick n Pay employees will be jobless in the coming months after the company retrenched workers to cut costs.

Major revamp for Auas Valley Mall, Namibia
26/08/2013 - 10:17
The Auas Valley Shopping Centre is a retail gem but it remains rather secluded and exclusive. Its owner, Agra Ltd, intends to change that image. Earlier this month Agra announced a significant upgrading and extension of Auas Valley at a groundbreaking ceremony marking the start of the project.

Nedbank, Pick n Pay launch a first for local banking in Namibia
19/08/2013 - 08:56
Windhoek - In a first for Namibia's banking industry a commercial bank has teamed up with a major retailer to enable the bank's clients to withdraw money at the retailer's cashiers as they are doing their grocery shopping.

Pick n Pay embarks on retrenchment drive
08/08/2013 - 09:03
Cape Town - Pick n Pay hopes to trim jobs across the country as it implements a turnaround strategy, BDLive reported on Wednesday.