Business / Companies
TM Supermarkets invests $25 million in stores refurbishment
08 Apr 2013 at 22:22hrs | Views
TM Supermarkets has invested a further $25m into the retail chain, with the money aimed at transforming its retail outlets through refurbishment of the group's 50 stores across the country.
Two of TM Supermarkets' outlets have already been re-branded into Pick n Pay stores following the South African retailer's investment in the Zimbabwean supermarket chain operator. Pick n Pay controls about 49% of TM Supermarkets, while Zimbabwe Stock Exchange-listed Meikles Africa owns the remaining 51%.
Meikles chairman, John Moxon said the fresh capital investment will "re-position TM Supermarkets as a leader in a very competitive industry".
"The $25m investment, together with a substantial internal generation of cash from increased earnings, will soon be available for the renovation of existing supermarkets and the addition of new opportunities," said Mr Moxon.
Two of TM Supermarkets' outlets have already been re-branded into Pick n Pay stores following the South African retailer's investment in the Zimbabwean supermarket chain operator. Pick n Pay controls about 49% of TM Supermarkets, while Zimbabwe Stock Exchange-listed Meikles Africa owns the remaining 51%.
"The $25m investment, together with a substantial internal generation of cash from increased earnings, will soon be available for the renovation of existing supermarkets and the addition of new opportunities," said Mr Moxon.
Source - business
