Cape Town Market Investments (Pty) Ltd (“CMI”) and its associate, Mapalad Investments (Pty) Ltd (“collectively the (“the consortium”), have concluded purchase agreements with Altius Investment Holdings (Pty) Ltd (“Altius”) under which the consortium will purchase the shares owned by Altius in Cape Town Market and CMI

The completion of these transactions will result in the consortium becoming the majority shareholder in Cape Town Market. There are no other changes to the shareholding structure in Cape Town Market

Simultaneously Cape Town Market and the City of Cape Town have reached an agreement concerning amendments to the lease under which the parties have agreed the payment of an affordable and sustainable rental for the market premises

The consortium has appointed Rob Lowe as CEO of the Cape Town Market. Apart from managing the transition to new ownership, Rob has been mandated the task to develop, in consultation with the existing BEE shareholders, a new BEE structure for the market

Rob Lowe will give notice of the details of his new management team by separate notice

Philé van Zyl, Director of CMI, comments:

“Our objective is to create a powerful trading platform that is relevant to all stakeholders and is capable of growth into other areas. This is a huge opportunity for us to change the course of the fresh produce markets in South Africa. We are pleased that Rob Lowe has agreed to act as CEO to assist us achieve our objectives” 

Dr Anwah Nagia, Chairman of Altius, comments:

“The agreement with the City of Cape Town together with the capital and expertise of the consortium provides Cape Town Market with the best possible platform for future growth and success. I look forward to remaining with Cape Town Market as Chairman and as a member of the BEE consortium”