Deputy president and one of South Africa’s richest businessmen, Cyril Ramaphosa has offloaded fast food chain Mcdonald’s South Africa to MSA Holdings, a company based in the Emirates.
Thembinkosi Bonakele, Commissioner of the Competition Commission told Cape Talk FM on Tuesday that the Mcdonald’s operator has changed hands from a subsidiary of Shanduka Group, to MSA Holdings.
Ramaphosa stepped down as chairman of investment firm Shanduka Group in May 2015, a company he originally founded, after he entered politics a year earlier.
In 2016, Ramaphosa completed the process of selling his 30% stake in the group, which is now merging with Pembani Group to form a “Pan African Industrial Holdings Group” However, he held on to Mcdonald’s.
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 was awarded a 20-year agreement to run the 145 McDonald’s restaurants in South Africa.
In 2015, Forbes put Ramaphosa’s wealth at $450 million (R6.3 billion), ranking him among Africa’s wealthiest men.