Ancora

Masscash stores sale to Black-owned Devland saves 640 jobs


Credit: Massmart
Credit: Massmart
 

The deal sees Black-owned Devland Cash and Carry, which owns and controls several firms that are active in the retail and wholesale trade of groceries and related products, acquire certain Masscash stores located in various parts of the country.

“Devland is owned and controlled by two historically disadvantaged persons (HDPs) while the target stores are not owned by HDPs. As such, the merger will also have a positive effect on the promotion of a greater spread of ownership, in particular to increase the levels of ownership by HDPs and workers in the grocery market,” said the Tribunal.

Masscash operates wholesale businesses for the lower segments of consumer groups, such as Jumbo Cash and Carry, Trident and Shield, while its retail division includes Cambridge Foods.

Article Source: Bizcommunity
Read the full article here: Bizcommunity

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