Stakeholders are advised that additional funding to the extent of US$25m is almost finalised for TM Supermarkets. This sum together with a substantial internal generation of cash from increasing earnings will be available for the further renovation of existing supermarkets and the addition of new opportunities. Pre-tax profits of TM Supermarkets for the 11 month period to the end of February 2013 have exceeded those of the previous year by in excess of 6-fold.
The company has been greatly encouraged by the performance of the two Pick n Pays (Kamfinsa and Westgate) opened in 2012 and the one completely renovated TM store in Chinhoyi. These programmes will accelerate substantially in 2013.