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Pick ‘n Pay chief executive Mr Nick Badminton announced yesterday that the deal, worth about US$13 million, was signed on October 27.

“Meikles and Pick ‘n Pay have entered into a shareholder’s agreement to drive this initiative. Certain stores will be re-branded as Pick ‘n Pay stores, so that we can provide a retail experience similar to that provided in South Africa.

“We welcome the opportunity to participate more meaningfully in the stabilisation of the Zimbabwe economy and are excited to participate in the turnaround that is expected.”

The transaction now awaits the approval of the relevant Zimbabwe regulatory authorities and the South African Reserve Bank. The transaction is expected to close by the end of March 2011.

TM Supermarkets is the largest retail chain in Zimbabwe by number of stores, with 51 outlets