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Makro And Game Owner Massmart Has Announced The Sale Of Several Non-Core Businesses To The Shoprite Group

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The sale will see Shoprite take ownership of Cambridge Food, Rhino, Massfresh and 12 Cash & Carry stores. The sale is still subject to regulatory approval, which Massmart hopes will be concluded in the first quarter of 2022. Massmart said that it will use the sale proceeds to pay down drawn bank facilities and invest in e-commerce. It will also pump money into merchandise areas where the remaining Massmart brands are the market leaders.

23 Aug 2021 12PM English South Africa Business News · Investing

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