It's official - businessman Cyril Ramaphosa now runs McDonald's SA.
“On the 30th of June 2011, Cyril Ramaphosa and McDonald's SA concluded all conditions precedent relating to the developmental licensee (DL) transaction,” read a joint statement issued by the Shanduka Group and McDonald's SA on Friday.
According to the DL agreement announced in March, Ramaphosa would own all the assets, including owning or leasing the real estate. He described it as “an honour” to have been awarded the licence.
“We will focus on satisfying our customers, developing our people and maximising business opportunities. This relationship will have a positive impact on jobs, shareholders and ultimately McDonald's customers,” Ramaphosa said.
McDonald's SA managing director Greg Solomon described it as an “important milestone” that would “turbo charge” the fast-food business.
Neither Shanduka Group, a black-owned investment company, nor McDonald's SA had responded by Friday afternoon to Sapa enquiries about how much the deal was worth. - Sapa