A Mr. Price store.[Photo/businessdaily]
Deacons (East Africa) has resolved to sell South Africa’s Mr Price Group in relation to the proposed sale of Mr Price Franchised Business in Kenya.
The fashion dealer had firm issued a cautionary notice on October 9 regarding the deal.
On Tuesday, Deacons (East Africa) notified its shareholders and the general public that pursuant to the new agreement, Mr Price shall purchase the Mr Price Franchised Business in Kenya from the company.
“The Proposed Transaction is subject to various conditions precedent, including but not limited to requisite approvals by the relevant regulatory authorities and the shareholdersof Deacons,” the notice read.
Last week, the company issued a profit warning, saying it expects full year earning for 2017 to drop by more 25% compared to the year ending 31 December 2016.
The company cited long electioneering period for the loss.