Business 22.9.2016 08:26 am

Cyril is getting out of McDonald’s

FILE PICTURE: Deputy President Cyril Ramaphosa seen at the Farlam Commission of Inquiry. Picture: SAPA

FILE PICTURE: Deputy President Cyril Ramaphosa seen at the Farlam Commission of Inquiry. Picture: SAPA

The deputy president owns all McDonald’s assets in SA, but he has not been directly involved in running his businesses since 2014.

Deputy President Cyril Ramaphosa has long been associated with McDonald’s SA as the developmental licensee of the fast-food chain in this country.

He signed a 20-year agreement in 2011 to run 145 McDonald’s restaurants in South Africa. The agreement meant he became the owner of all McDonald’s assets in South Africa through his company Shanduka, according to Fin24.

According to a statement from the company, however, all that may be about to change.

McDonald’s South Africa confirmed in a statement that the stake of Ramaphosa’s company in McDonald’s is being sold to a potential buyer from the United Arab Emirates, MSA Holdings.

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According to previous statements by Ramaphosa, all of this is part of him focusing less on business and more on politics. According to ANC tradition, he is next in line to succeed President Jacob Zuma as president, though there has been a strong lobby from a major faction of the ANC to have Zuma’s ex-wife, Nkosazana Dlamini-Zuma, take over.

“The proposed transaction has recently been approved by the Competition Commission and we can confirm that MSA Holdings is not currently involved in the restaurant business,” said McDonald’s.

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