South African grocery retailer Pick n Pay has increased its stake in Zimbabwe-based TM Supermarkets.

The retailer acquired a further 24% of TM Supermarkets, bringing its total shareholding to 49% in a deal worth around US$13m.

The transaction remains subject to the approval of Zimbabwe regulatory authorities and the South African Reserve Bank and is expected to close before the end of March.

“[TM owner] Meikles and Pick n Pay have entered into a shareholder’s agreement to drive this initiative. Certain stores will be re-branded as Pick n Pay stores, so that we can provide a retail experience similar to that provided in South Africa. We welcome the opportunity to participate more meaningfully in the stabilisation of the Zimbabwe economy and are excited to participate in the turnaround that is expected,” said Pick n Pay CEO Nick Badminton

TM Supermarkets is the largest retail chain in Zimbabwe, operating 51 outlets in the country.