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Wed 21 Sep 2016 12:17 PM

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UAE-based company acquires South African McDonald's franchise

MSA Holdings given approval to buy Shanduka Group’s local operations of McDonald's

UAE-based company acquires South African McDonald's franchise
(Getty Images)

The Shanduka Group, founded by South African Deputy President Cyril Ramaphosa, has sold the local operations of McDonald's Corp to a UAE-based company for an undisclosed amount, authorities said on Tuesday.

The Competition Commission, an anti-trust authority, said it approved the transaction for the UAE-based company, MSA Holdings, to acquire the fast-food restaurants because it would not present undue competition to local companies.

"Given that the acquiring group is not here at all in South Africa we found that, if approved, it is unlikely to substantially lessen or present competition," said the commission's spokesman Itumeleng Lesofe, without elaborating.

In May 2014, Ramaphosa announced his complete disinvestment from Shanduka to avoid conflicts of interest with his government duties after President Jacob Zuma named him deputy president. Ramaphosa founded the company in 2001.

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