Cyril Ramaphosa is not loving McD’s anymore.
The millionaire businessman, and South Africa’s deputy president, has sold McDonald’s South Africa to MSA Holdings, a company based in the Emirates.
Thembinkosi Bonakele, Commissioner of the Competition Commission confirmed the transaction yesterday.
According to Bonakele, this is part of Ramaphosa’s restructuring of assets when he announced earlier in the year that he will be selling some of his businesses.
Ramaphosa, the founder of the Shanduka Group, was awarded a 20-year agreement to run the 145 McDonald’s restaurants in SA.
Bonakele said on Cape Talk radio that MSA Holdings is not involved in the restaurant business in South Africa which means there will be no competition issues with them.