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Woolies acquires remaining stake in Zambian operations
Woolworths has acquired the remaining 49% stake in its Zambian business, another step in its African expansion strategy. There are currently four stores in Zambia and there are plans to expand and open additional stores in Lusaka, Kitwe and Solwezi over the next two years. Growing African markets will drive future profitability and deliver on the group's strategy to be a leading southern hemisphere retailer.
"This acquisition of our Zambian business is another important step in investing in our African business and will enable us to ensure we deliver the same brand experience to all our customers," said Paula Disberry, Woolworths group director, Retail Operations.
Woolworths has traded successfully in various African countries outside of South Africa for the past two decades. It currently has 61 corporate stores in 11 countries including Botswana, Namibia, Lesotho, Swaziland, Ghana, Kenya, Tanzania, Uganda, Zambia, Mozambique and Mauritius.
