South Africa: Massmart Selling Off Zimbabwe Stores

Johannesburg — MASSMART CEO Grant Pattison yesterday gave a stern warning to Zimbabwean authorities that a proposed law compelling all companies to hand over 51% equity to local owners would force the retail giant to pull out.

However, his threat to exit -- at a time when other South African companies are moving back into Zimbabwe -- is tempered with a heavy dose of pragmatism, as the company is already planning to sell its small Zimbabwean operation, receiving an offer for it as far back as July.

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