OK Zimbabwe, one of the biggest retailers in Zimbabwe, on Friday announced the acquisition of Food Lovers Market Zimbabwe, The Chronicle reported.
In December, the business entity notified shareholders that negotiations were at an advanced stage to acquire the Food Lovers Market business in Bulawayo, Borrowdale and Avondale.
Announcing the development, Company Secretary, Mrs Margaret Munyuru said:
The Board and Management of OK Zimbabwe Limited formally announce the strategic acquisition of Food Lovers Market Zimbabwe.
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 includes the grant of a Territorial License Agreement which endows OK Zimbabwe Limited with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market
She indicated that the transaction excludes the Greendale store which remains independently owned.
OK Zimbabwe Limited Group Chief Executive Officer, Mr Max Karombo said:
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.
He added that they expected to build economies of scale in supporting local farmers and food processors to serve a wider range of stores.