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.<\/p>\n
Thembinkosi Bonakele, Commissioner of the Competition Commission told Cape Talk FM<\/a> on Tuesday that the\u00a0Mcdonald’s operator has changed hands from a subsidiary of Shanduka Group, to MSA Holdings.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Ramaphosa was awarded a 20-year agreement to run the 145 McDonald’s restaurants in South Africa.<\/p>\n In 2015, Forbes put Ramaphosa’s wealth at $450 million (R6.3 billion), ranking him among Africa’s wealthiest men.<\/p>\n Johann Rupert-backed fund raises R4 billion<\/strong><\/a><\/p>\n Did Ramaphosa just score R2.5 billion?<\/strong><\/a><\/p>\nMore on Cyril Ramaphosa<\/h3>\n