Pick n Pay lifts stake in Zim

Weekend Argus (Saturday Edition) - - BUSINESS -

HARARE: Pick n Pay is to in­vest $ 13 mil­lion in Zim­babwe’s Thomas Meik­les (TM) stores, rais­ing its stake in the su­per­mar­ket chain from 25 to 49 per­cent, TM an­nounced.

The in­vest­ment had been ap­proved by the Zim­babwe and SA cen­tral banks TM said in a state­ment yes­ter­day.

It was in line with new reg­u­la­tions im­posed by Pres­i­dent Robert Mu­gabe on for­eign­ers’ stakes in Zim­bab­wean firms.

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