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Massmart is offloading its loss-making fresh-food assets to Shoprite for R1.36bn in a deal that will free up the Walmart-owned company to strengthen its balance sheet and focus on its far more successful building materials and general merchandising retail brands.

The cash deal, which includes the sale of Massmart’s Cambridge Food, Rhino and Massfresh brands, as well as 12 Cash & Carry stores, is also a win for Shoprite, with Protea Capital Management analyst Richard Cheesman saying on Friday it “looks like Shoprite is getting a good deal acquiring these assets for net asset value”...

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