Edgars in Zimbabwe sold to investor from Mauritius

Sat, 23 Jan 2021

Edgars in Zimbabwe sold to investor from Mauritius

News24
10 Sep 2019, 22:14 GMT+10

Struggling SA retail giant, Edcon, has been given the green light to sell its shareholding in Zimbabwe-based clothing chain Edgars to Mauritius incorporated entity SSCG Africa Holdings, as the group realigns operations in a bid to stay afloat.

Edcon faced a possible collapse before agreeing a R2.7bn deal with lenders, South African landlords and the Public Investment Corporation as part of a restructuring plan to save the group.

It has now been given the nod to dispose the Zimbabwe operations by that country's Competitions and Tariff Commission.

Edgars owned a 41% stake in Edgars Zimbabwe, the biggest clothing retailer in the southern African country. Edgars has 25 branches located throughout the country. It also controls 25 Jet Stores, club micro-finance and Carousel garment manufacturing factory in Bulawayo.

In its Board resolution, released on Monday, the Competition and Tariff Commission said it had approved the merger "without conditions".

The proposed transaction is an acquisition by SSCG Africa Holdings of 100% shareholding in Bellfield which in turn, owns 41.07% shares in Edgars. Bellfield is an investment vehicle that holds shareholding in Edgars and is in turn wholly owned by Edcon Limited.

"As a result of the acquisition, SSCG will have a direct control in Edgars," reads the Board resolution. SSCG is an investor in the low-cost African airline Fastjet.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Africa Leader.

More Information

26 ℃

Fair in Cape Town

International

Section

Trump enablers Cruz and Hawley face questions over Jan. 6 insurrection

WASHINGTON - Seven Democratic senators asked the Senate Ethics Committee on Thursday to investigate the actions of Republican Senators Ted ...

As Trump said, Joe Biden is going to need a lot of luck

While Joe Biden's Presidency gives people a chance to rebuild, it also faces the bitterness and opposition of Trump's ever-loyal ...

Europe says it is ready for a new start with U.S.

LONDON, UK - World leaders have congratulated Joe Biden following his inauguration Wednesday as the 46th U.S. president. Many allies ...

NYC man accused of threatening to murder Representatives and Senators

NEW YORK CITY, New York - A New York City man who who stoked tensions before and after the storming ...

48 years after winning Senate seat, Biden assumes presidency

The end of Donald Trump's dysfunctional tenure in the White House means the start of a relatively normal presidency under ...

Former President Donald Trump arrives at new home, Mar-a-Lago

U.S. President Donald Trump left the White House for the final time on Wednesday, heading by helicopter to a nearby ...

Business

Section

60% of Albuquerque citizens rate quality of life as good or excellent

ALBUQUERQUE, New Mexico - Nearly 60 percent of residents rate Albuquerque's quality of life as excellent or good, according to ...

Wall Street closes mixed on fears of prolonged lockdowns

NEW YORK, New York - U.S. industrial stocks closed lower on Friday as fears of prolonged lockdowns due to the ...

IEA anticipates less oil demand in 2021

PARIS, France - The International Energy Agency (IEA) reduced its 2021 global oil forecast this week as fresh coronavirus lockdowns ...

Sellers take charge on Asian stock markets

SYDNEY, NSW, Australia - Stocks in Asia were sold off on Friday.All the major indices lost ground, while the rout ...

Giant telco supplier based in Ireland heralds international expansion

LIMERICK, Ireland - A boost for Ireland's expanding tech sector are plans by a giant telco supplier to recruit scores ...

U.S. stock markets have quiet day, greenback slump continues

NEW YORK, New York - Wall Street took a breather on Thursday, a day after the major indices hit record ...

Movie Review

Elle