Published: 10 June 2013

TM Supermarkets has invested a further $25m into the retail chain, with the money aimed at transforming its retail outlets through refurbishment of the group's 50 stores across the country.

Two of TM Supermarkets' outlets have already been re-branded into Pick n Pay stores following the South African retailer's investment in the Zimbabwean supermarket chain operator. Pick n Pay controls about 49% of TM Supermarkets, while Zimbabwe Stock Exchange-listed Meikles Africa owns the remaining 51%.

Meikles chairman, John Moxon said the fresh capital investment will "re-position TM Supermarkets as a leader in a very competitive industry".

"The $25m investment, together with a substantial internal generation of cash from increased earnings, will soon be available for the renovation of existing supermarkets and the addition of new opportunities," said Mr Moxon.
- business

You might also want to read this

• Panicking Zimbabwean shoppers besiege supermarkets
• Supermarket in court for withholding cash
• Supermarkets cash in on weakening of the rand