Share

Cyril Ramaphosa selling McDonald’s SA to foreign firm

Cape Town - McDonald’s South Africa confirmed on Tuesday that there was a “process” under way to replace Deputy President Cyril Ramaphosa as the current developmental licensee of the fast food chain’s operations in South Africa.
 
“The potential purchaser, MSA Holdings, is a company based in the United Arab Emirates,” the group said in a statement.
 
Ramaphosa’s sale of McDonald’s South Africa is in line with a previous statement he had made, saying he would undertake a review of his business interests.
 
“The proposed transaction,” McDonald’s said, “has recently been approved by the Competition Commission and we can confirm that MSA Holdings is not currently involved in the restaurant business”.
 
The group didn’t want to comment any further, as all parties to the transaction signed confidentiality agreements.
 
In March 2011, Ramaphosa, who is the founder of the Shanduka Group, received a 20-year agreement to run 145 McDonald’s restaurants in South Africa. Under the agreement Ramaphosa owned all McDonald's assets in South Africa, including property.
 
Shortly after the national government elections in May 2014, Ramaphosa announced that he was divesting from Shanduka to free him up to fulfil his responsibilities as deputy president without the possibility of conflict of interest.
 
His family's interests were to be held in blind trusts.
 
Ramaphosa subsequently entered into an agreement whereby the Pembani Group, led by entrepreneur Phuthuma Nhleko, as well as Ramaphosa's family trust, Jadeite Limited and Standard Bank, amongs others, combined their interests and created a new black-controlled natural resources and industrial holding group.

Ramphosa’s spokesperson Ronnnie Mamoepa told Fin24 by phone that since Ramaphosa announced his intention to dispose the bulk of his interests he was no longer in a position to comment on these transactions.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders