Ramaphosa concludes McDonald’s deal

McDonald’s SA and Cyril Ramaphosa have announced the conclusion of all conditions precedent relating to the developmental licensee (DL) transaction for the chain restaurant.

Ramaphosa says he welcomes the approval and support from all the regulatory bodies including the National Treasury, SARS, FSB Exchange Control, the Competitions Commission Board and others.

“It is an honour for me to have been awarded the developmental licence for the McDonald’s South Africa business,” said Ramaphosa. “We will focus on satisfying our customers, developing our people and maximising business opportunities. This relationship will have a positive impact on jobs, shareholders and ultimately McDonald’s customers.”

Greg Solomon, MMD, McDonald’s South Africa said: “We are pleased to have closed on the DL transaction. With this important milestone behind us, we remain firmly focused on ensuring that we continue to deliver to our customers. Mr. Ramaphosa’s involvement is set to turbo charge our business and we are looking forward to unlocking the opportunities of accelerated expansion and responsible growth presented through this deal and which have always been our primary objectives for pursuing it in the first place.”