malvernmugadzikwa
Business Writer
Ok Zimbabwe says it has formally concluded the strategic acquisition of Food Lovers Market which gives the company territorial exclusivity of the brand in Zimbabwe.
The company in a statement said the transaction will enhance the retailer’s participation in the premium retailing markets.
“The Company successfully concluded the acquisition of the assets and business of Talwant Investments (Private) Limited trading as Food Lovers Market in Harare’s Borrowdale and Avondale as well as Bradfield, Bulawayo. The transaction excludes the Greendale store which remains independently owned,” said company secretary Margaret Munyuru.
She said the transaction includes the grant of a Territorial License Agreement which endows OK Zimbabwe Limited with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market.
OK Zimbabwe is a diversified, customer-oriented retail Group providing comprehensive access to a broad range of merchandise and allied services developed in response to its customers’ requirements for convenience and value.
With three well-defined brand formats known as OK, Bon Marche and OKmart, the Group has established itself as a proudly Zimbabwean grown, customer-oriented retail organization.
OK Zimbabwe chief executive officer Maxen Karombo said with this acquisition, OK Zimbabwe will enhance its participation in the premium retailing of gourmet food as well as fruit and vegetables categories.
“The Group also welcomes access to promising supply chain synergies within the Food Lovers Market ecosystem and the rest of the OK Zimbabwe Limited Group.
“Our expectation is to build economies of scale in supporting local farmers and food processors to serve a wider range of stores,” he said.
Food Lover’s Market is a South African supermarket chain that operates franchised grocery stores and convenience stores in Southern Africa and in addition to Zimbabwe has other stores Botswana and Namibia.
During a recent analyst briefing, Karombo said the company had also entered into other new business spaces such as the pharmacy running under the brand Allowel.
He said through the pharmacy, the group will be providing a health service to the 160 000 customers who come through its shops every day, making this a one stop shop for its shoppers.
Karombo noted that the third business saw the group entering into a strategic alliance with ShopRite Checkers Group of South Africa on two specific areas.
Bongani Ndlovu