OK Zimbabwe acquires Food Lovers Market

Zim Now Writer

OK Zimbabwe yesterday announced that it had acquired Food Lovers Market Zimbabwe as part of broader diversification aimed at enhancing the company’s participation in the premium retailing of gourmet food and the fruit and vegetables categories.

The retail giant in December notified shareholders that negotiations towards the acquisition of Food Lovers Market business in Bulawayo, Borrowdale and Avondale were at an advanced stage.

In a trading update for the six-month period ended 30 September that the company released in December, OK Zimbabwe board chairman, Herbert Nkala said talks had been boosted by receiving the appropriate regulatory approvals and is now proceeding to conclude the transaction.

Company Secretary, 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.”

She, however said the transaction excludes the Greendale store, which remains independently owned.

“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 added.

OK Zimbabwe Limited Group Chief Executive Officer, 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. Our expectation is to build economies of scale in supporting local farmers and food processors to serve a wider range of stores.”