Thembinkosi Bonakele, Commissioner of the Competition Commission confirmed on Tuesday that Deputy President Cyril Ramaphosa has sold Mcdonald's South Africa to MSA Holdings, a company based in the Emirates.
According to Bonakele, this is part of Cyril Ramaphosa's restructuring of assets when he announced earlier in the year that he will be selling some of his businesses.
Ramaphosa is the founder of the Shanduka Group.
Indeed we have approved the transaction. It was an immediate transaction and we have the authority to approve that.— Thembinkosi Bonakele, Commissioner of the Competition Commission
Ramaphosa was awarded a 20-year agreement to run the 145 McDonald's restaurants in South Africa.
Bonakele added that MSA Holdings is not involved in restaurant business in South Africa which means there will be no competition issues with them.
Listen to the full conversation below:
This article first appeared on 702 : Ramaphosa sells Mcdonald's South Africa