Company news in brief

Pick n Pay founder dies

Retail legend Raymond Ackerman (92) has died, Pick n Pay, the retail group he founded, announced yesterday morning.

"With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away," the group said in a short release.

"A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa."

He started his career with the retail chain Ackerman's, which was founded by his father Gus. In 1946, the chain was sold to Greatermans, which started the supermarket group Checkers. Ackerman became CEO of Checkers in 1959, but seven years later was fired following clashes with the Greatermans board.

In 1967, he bought four Cape Town stores named Pick n Pay with the help of investors. The chain quickly expanded, and by 1975, he opened South Africa’s first hypermarket – a supersized 22 000m² store - in Boksburg.

By the time he stepped down as CEO in 1999, Pick 'n Pay had a turnover of more than R1 billion. The retail giant currently has a R17 billon market cap, with stores across South Africa and Southern Africa, including Namibia. – Fin24



Malawi’s DStv back on

MultiChoice will resume its DStv service in Malawi today, according to the country's communications regulator.

Last month, following a stand-off over a price hike, the pan-African pay-TV operator took the decision to remove its service from Malawi in its first-ever country exit.

The dispute started after MultiChoice announced another price hike for DStv in Malawi from August, without first getting approval from the Malawi Communications Regulatory Authority (Macra). MultiChoice Malawi had already been fined for an earlier price hike.

MultiChoice contended that MultiChoice Africa sets price increases for various African countries - not MultiChoice Malawi. A legal battle ensued, with Malawi's High Court granting the regulator an injunction over the matter. In response, MultiChoice said it would shut down DStv in the country.

"On 4 September the parties met in Lilongwe and reached an agreement and understanding which will see the resolution of the matter and resumption of DStv services in Malawi by Friday, 8 September 2023," Macra said.

Dr Keabetswe Modimoeng, MultiChoice group executive for corporate affairs and stakeholder relations, said "a comprehensive media statement will be issued once there is finality on the matter". – Fin24



Strike looms at De Beers' Limpopo mine

South Africa's National Union of Mineworkers (NUM) is planning to strike at De Beers' Venetia mine after wage talks broke down, potentially disrupting operations at the diamond giant's new US$2.3 billion underground facility.

NUM, South Africa's biggest mineworker union, said its members were demanding a 9% wage hike, but Anglo American Plc unit De Beers was offering a 6% increase.

"The NUM can confirm that the four-month wage negotiations with the world's leading diamond company De Beers have collapsed and a dispute has been declared at the Commission for Conciliation, Mediation and Arbitration (CCMA)," NUM said in a statement.

NUM did not say when it intends to begin the strike, but said it was currently working on picketing rules with the CCMA, while mobilising its "more than 1 500 members, preparing them for a protected indefinite strike". – Fin24/Reuters