Ramaphosa sells McDonald's SA franchises to Middle Eastern company
Shanduka Group, founded Cyril Ramaphosa (pictured) in 2001, has sold the local operations of McDonald’s Corp. to a Middle Eastern company, the Emirates-based MSA Holdings, for an undisclosed amount. In March 2011, Ramaphosa secured a 20-year agreement to run 145 McDonald’s restaurants in South Africa. Under the agreement, he owned all McDonald's assets in South Africa, including property. His sale of the franchise is in line with a previous statement he made saying that he would undertake a review of his business interests, in light of his position as deputy president of SA. The Competition Commission has approved the transaction for MSA to acquire the fast-food restaurants, as this would not present undue competition to local companies. The value of the deal has not yet been disclosed.