• Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

  • Accoutable government

    Mandi Smallhorne says government should be taken to court for its wasteful expenditure.

All data is delayed
Loading...
See More

New McDonald's owner takes over

Jul 01 2011 15:24
Sapa
Johannesburg - It's official - businessman Cyril Ramaphosa now runs McDonald's SA.

"On the 30th of June 2011, Cyril Ramaphosa and McDonald's SA concluded all conditions precedent relating to the developmental licensee (DL) transaction," said a joint statement issued by the Shanduka Group and McDonald's SA on Friday.

According to the DL agreement announced in March, Ramaphosa would own all the assets, including owning or leasing the real estate. He described it as "an honour" to have been awarded the licence.

"We will focus on satisfying our customers, developing our people and maximising business opportunities. This relationship will have a positive impact on jobs, shareholders and ultimately McDonald's customers," Ramaphosa said.

McDonald's SA managing director Greg Solomon described it as an "important milestone" that would "turbo charge" the fast food business.

Neither Shanduka Group, a black-owned investment company, nor McDonald's SA had responded by Friday afternoon to Sapa's enquiries about how much the deal was worth.

 
mcdonald's  |  shanduka group  |  cyril ramaphosa

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
16 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...