Shoprite snaps up OK for R1


Shoprite Holdings has bought the OK Bazaars Group from South African Breweries for the nominal sum of R1. The loss-making group had cost SAB an estimated R1-billion in capital injection since its delisting in March 1994.

The deal includes a guarantee of R540-million in assets and loan accounts as of November 1, the date of the transaction.

With the addition of 139 OK Bazaars stores and 18 Hyperamas, Shoprite Holdings will become the largest food retail group in the country, with 400 outlets and an annual turnover of about R16-billion. A spokesman for Shoprite said the group intended to repeat its successful turnaround of the Checkers group, acquired under similar circumstances six years ago.

Those OK stores not converted to either Shoprite or Checkers outlets are likely to be franchised; investment will be offered early next year, the company said, especially to redundant employees and entrepreneurs from disadvantaged groups.


VW MEN STILL AT WORK IT would appear to be business as usual for the three top directors of Volkswagen SA who were reportedly fired by the group’s parent company. Financial director Wilhelm Kirchberger and technical director Burkhard Welkener reported for work yesterday, and MD Heinrich Holtmann was said to be in Germany on “routine business”.

A spokesman for Volkswagen SA, which is suffering poor sales and labour problems, said he did not know whether the directors’ services had been terminated. A statement clarifying their fate would be issued in due course.

EMPLOYMENT BILL PROGRESSES THE Basic Conditions of Employment Bill was approved by parliament’s labour portfolio committee on Monday, despite continued objections from Business SA and the Congress of SA Trade Unions. The committee did however find several issues in the Bill that it said would need further investigation. It accepted the labour department and Cosatu’s proposal that the 45-hour week be entrenched as a non-negotiable right, and rejected proposals that small businesses be exempted from the bulk of the Bill’s provisions.

MPUMALANGA TWINSMPUMALANGA linked up with Austrian province Carintia on Monday, by signing a 12-point twinning agreement to co-operate on environmental planning and technology, Carinthia will also host a Maputo Corridor investment seminar in Klagenfurt early next year..

IMF HOLDS BACK ON KENYA THE International Monetary Fund said on Wednesday that it is continuing to hold back on aid to Kenya until the government shows more progress on eradicating mismanagement and corruption. Despite assurances from president Daniel Arap Moi, the IMF refuses to move until concrete reforms have taken place.

JOBS SUMMIT POSTPONED A PRESIDENTIAL summit on job creation, scheduled for November, has been postponed to next year because neither the government nor the National Economic Development and Labour Council have agreed on a strategy to balance economic growth and job creation.

Subscribe to the M&G for R2 a month

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

And for this weekend only, you can become a subscriber by paying just R2 a month for your first three months.

Related stories

2019: The ones who left us

From Uyinene Mrwetyana, Oliver Mtukudzi to Xolani Gwala, Mail & Guardian remembers those who have passed on

More battles ahead for domestic worker unions

Florence Sosiba, speaks to the Mail & Guardian about how important domestic workers are and exclusion in the COIDA

“Life has been good to me, considering where I come from” – Xolani Gwala

Just over a year ago, veteran radio presenter Xolani Gwala’s cancer was in remission. He spoke to the Mail & Guardian once he was back on air.

Kanya Cekeshe’s lawyer appeals decision not to grant him bail to the high court

Kanya Cekeshe’s legal team filed an urgent appeal at the Johannesburg high court on Tuesday against Monday’s judgment by magistrate Theunis Carstens.

Leader’s principal aim to build IFP

Gravitas: Velenkosini Hlabisa brings his experience to his new post as leader of the Inkatha Freedom Party.

Police Minister Bheke Cele addresses Jeppestown

Police minister Bheki Cele visited Jeppestown on Tuesday to speak to business owners and community leaders.

Subscribers only

ANC: ‘We’re operating under conditions of anarchy’

In its latest policy documents, the ANC is self-critical and wants ‘consequence management’, yet it’s letting its members off the hook again

Q&A Sessions: ‘I think I was born way before my...

The chief executive of the Estate Agency Affairs Board and the deputy chair of the SABC board, shares her take on retrenchments at the public broadcaster and reveals why she hates horror movies

More top stories

Covid-19 info lags as cases shoot up

Vital information apps and websites are outdated as cases begin to mushroom, especially near the coast, just in time for the December holidays

DA leader bought wife a car with ‘corruption’ earnings

Senior Ekurhuleni councillor Shabangu purchased a Ford SUV from an alleged R1.2-million kickback

SAA funds may need a top-up

Industry experts predict the R10.5-billion from the treasury to rescue the airline may not be enough, but the rescue practitioners say the money is enough to ‘settle the sins of the past’

Trump’s mantra of ‘fake news’ harmed media

Viewers and readers need to trust that news outlets are accurate, balanced, fair and impartial

press releases

Loading latest Press Releases…