OK Zimbabwe has concluded the acquisition of Food Lovers Market, which gives the supermarket chain exclusive rights to the brand in Zimbabwe, the company said.
The transaction will enhance the retailer’s participation in the premium retailing markets, the Zimbabwe Stock Exchange-listed company said in a statement.
“The company successfully concluded the acquisition of the assets and business of Talwant Investments trading as Food Lovers Market in Harare’s Borrowdale and Avondale as well as Bradfield, Bulawayo,” said company secretary Mrs Margaret Munyuru.
The transaction excludes the Greendale store, which remains independently owned. Mrs Manyuru said the transaction includes the granting of a Territorial License Agreement, which provides OK Zimbabwe with “territorial exclusivity” for the expansion of the Food Lovers Market brand within the Zimbabwean market.
OK chief executive Mr Maxen Karombo said with this acquisition, the grocery chain, which also owns other popular brands, Bon Marche and OK Mart would enhance its participation in the premium retailing of gourmet food and fruit and vegetable categories.