About the deal

In May 2022, Pick ‘n Pay announced the launch of its new strategic plan, “Project Ekuseni”, to service its customers through three tailored banners – Pick n Pay, QualiSave and Boxer.  

Pick n Pay has raised the sustainability-linked loan to fund the execution of its new strategic plan.

The loan incorporates Key Performance Indicators (“KPIs”) to reduce food waste (SDG 12) and greenhouse gas emissions (SDG 13) through the use of natural refrigerants. Reduction of gas emissions aligns with Investec’s commitment to climate action. These KPIs are linked to Pick n Pay’s ESG targets, which include the reduction in food waste by 50% by 2030 and to be net carbon zero by 2050.   

About Pick n Pay Stores Limited

Pick n Pay is a JSE listed retailer in the fast-moving consumer goods industry that operates on an owned and franchised basis, servicing customers across all income group.

Through its multiple store formats and brands, Pick n Pay provides customers with a range of food, grocery, clothing, liquor and general merchandise products at competitive prices. It has over 2 200 stores across South Africa and Botswana, eSwatini, Lesotho, Namibia, Nigeria, Zambia and Zimbabwe.