THE Zimbabwe Stock Exchange-listed retail outlet OK Zimbabwe has finalised the acquisition of Food Lovers Market Zimbabwe as it extends its footprint on the market.
The retail chain announced the acquisition of Food Lovers in a statement on Friday.
“The Board and Management of OK Zimbabwe Limited formally announce the strategic acquisition of Food Lovers Market Zimbabwe,” the company revealed in the statement.
“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.”
The transaction includes the grant of a Territorial Licence Agreement, which endows OK Zimbabwe Limited with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market.
OK Zimbabwe Limited group chief executive officer, Max Karombo said: "With this acquisition, OK Zimbabwe Limited 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."
OK Zimbabwe has embarked on a programme to freshen up its stores countrywide with a target to refurbish 12 stores in a year.
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In an interview during the reopening of its Bon Marche branch in Mount Pleasant after completing a US$1,5 million refurbishment in July last year, Karombo said OK Zimbabwe will further expand its footprint in Zimbabwe, particularly in areas where it does not have a presence.
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