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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 57.85
Change 0.85
% Change 0.01
Cumulative volume 248048
Market cap 28.19bn

Last Updated: 02/09/2014 at 01:17. Prices are delayed by 15 minutes. Source: McGregor BFA

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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

 

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