• Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

All data is delayed
Loading...
See More

Zim minister slams PnP deal

Nov 29 2012 14:50
Malcom Sharara, Fin24’s correspondent in Zimbabwe
Patrick Chinamasa

Patrick Chinamasa. (File, AFP)

Company Data

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 80
Change 2
% Change 2
Cumulative volume 1481274
Market cap 0

Last Updated: 25-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Fitch downgrades PnP

Pick n Pay plummets on profits warning

Pick n Pay warns of low stock

New CEO for Pick n Pay

Pick n Pay profit tumbles

Retail sector 'needs BEE charter'

 

Harare - Zimbabwe's Justice Minister Patrick Chinamasa has castigated FDI deals that are not directed into value adding sectors singling out the Meikles/Pick n Pay deal in particular.

Speaking at the opening of a two-day Economic Empowerment Conference 2012 on Wednesday, Chinamasa said there was no need to applaud foreign direct investment (FDI) in the retail sector as there was no value add to the sector and as such the sector should be legally reserved for local players.

Referring to the Pick n Pay Stores [JSE:PIK] deal, the minister said, “99% of the retailer’s merchandise is South African imports so the company is implementing South African export policy”.

He said some sectors of the economy such as ginning, distribution and fuel importation should be reserved for the locals, adding FDI should address priority areas for mutual benefit.

Pick n Pay this year opened its first supermarket in Kamfinsa‚ Zimbabwe. 

The supermarket‚ the first Pick n Pay-branded store to open in Zimbabwe since it took control of 49% of TM Supermarkets‚ is situated in the Kamfinsa shopping centre in eastern Harare.

The store comprises a Pick n Pay Supermarket‚ as well as stand-alone Pick n Pay Liquor and Clothing stores. 

A number of Pick n Pay branches are planned to be opened this year‚ many of them at sites where TM Supermarkets have been operating.

 - Fin24

 

Follow Fin24 on Twitter, Facebook

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
24 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

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

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...