OK Zimbabwe : Announcement of Strategic Acquisition of Food Lovers Market

The Board and Management of OK Zimbabwe Limited formally announce the strategic acquisition of Food Lovers Market Zimbabwe.

The Company successfully concluded the acquisition of the assets and business of Talwant Investments (Private) Limited trading as Food Lovers Market in Harare's Borrowdale and Avondale as well as Bradfield, Bulawayo. The transaction excludes the Greendale store which remains independently owned.

The transaction includes the grant of a Territorial License Agreement which endows OK Zimbabwe Limited with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market.

OK Zimbabwe Limited Group Chief Executive Officer, Mr. Max Karombo welcomed the new stores into the stable by remarking that "with this acquisition, OK Zimbabwe Limited will enhance its participation in the premium retailing of gourmet food as well as fruit and vegetables categories. The Group also welcomes access to promising supply chain synergies within the Food Lovers Market ecosystem and the rest of the OK Zimbabwe Limited Group. Our expectation is to build economies of scale in supporting local farmers and food processors to serve a wider range of stores."

OK Zimbabwe Limited is a diversified, customer-oriented retail Group providing comprehensive access to a broad range of merchandise and allied services developed in response to its customers' requirements for convenience and value. With three well-defined brand formats known as OK, Bon Marche and OKmart, the Group has established itself as a proudly Zimbabwean grown, customer-oriented retail organization.

Margaret Munyuru (Mrs.)
Company Secretary