MATATA GROUP SELLS E12M NKONYENI SPAR

MBABANE – Nkonyeni Spar at Sidvokodvo, with an investment value of E12 million, has been sold.

Matata Group of Companies Chief Executive Officer (CEO) Hans Steffen confirmed that the transaction was finalised about a week ago. He said the stock, furniture and fittings had been sold to Lowveld Spar - South Africa, who in turn clinched a deal with another private operator who is currently running the globally renowned franchise.

Due to confidentiality between parties involved in the transaction, Steffen asked not to mention the value of the sale save to say the deal included only furniture, fittings and stock at Nkonyeni Spar.

Asked what reasons prompted Matata Group to sell the business, Steffen said it was due to varying reasons that mainly emanated from poor business performance at Nsoko and Big Bend. He said the company also had to pay off a couple of debts.

“We lost about E25 million last year as a result of devastating effects of the (El Nino) drought,” Steffen revealed.
Asked whether the group would consider a similar investment in future, Steffen said they would mainly focus on recovering from effects of the drought which had greatly affected their business dealings and economy at large.

Recover

Against the backdrop of Matata Group seeking to recover from the effects of the El Nino drought which cost their business E25 million, it should be mentioned that the Swazi economy has been forecasted to improve marginally.

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