South African firm takes over Woolworths
Woolworths-South Africa has acquired a 51% majority stake in Woolworths-Uganda as part of wider measures to grow market share on continent.
By Samuel Sanya
Woolworths-South Africa has acquired a 51% majority stake in Woolworths-Uganda as part of wider measures to grow market share on continent.
Previously, Woolworths Tanzania owned the Ugandan operations. Ali Mufuruki, a Tanzanian businessman and former franchise partner said the firm would expand following the acquisition.
“The entry of the South African investors will increase business capital, enabling us to increase capacity and open more outlets,†he said.
Glenn Gilzean, the Woolworths-South Africa chief, was upbeat about investments in the two East African countries given the high growth prospects.
“Our confidence in these two East African countries and in our partner Ali Mufuruki has spurred an expansion of our retail presence. We expect further growth in the future and our ongoing retail expansion will create jobs and enhance local retail skills,†he explained.
The company boosts of a local presence in Botswana, Namibia, Lesotho, Swaziland, Mozambique, Mauritius, Uganda, Kenya, Nigeria, Ghana, Tanzania, Zambia and Angola.
It hit a $3.3b (sh9.2 trillion) profit last year.
Woolworths-South Africa has acquired a 51% majority stake in Woolworths-Uganda as part of wider measures to grow market share on continent.
Previously, Woolworths Tanzania owned the Ugandan operations. Ali Mufuruki, a Tanzanian businessman and former franchise partner said the firm would expand following the acquisition.
“The entry of the South African investors will increase business capital, enabling us to increase capacity and open more outlets,†he said.
Glenn Gilzean, the Woolworths-South Africa chief, was upbeat about investments in the two East African countries given the high growth prospects.
“Our confidence in these two East African countries and in our partner Ali Mufuruki has spurred an expansion of our retail presence. We expect further growth in the future and our ongoing retail expansion will create jobs and enhance local retail skills,†he explained.
The company boosts of a local presence in Botswana, Namibia, Lesotho, Swaziland, Mozambique, Mauritius, Uganda, Kenya, Nigeria, Ghana, Tanzania, Zambia and Angola.
It hit a $3.3b (sh9.2 trillion) profit last year.