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MR PRICE GROUP LIMITED - Update regarding civil unrest

Release Date: 21/07/2021 11:41
Code(s): MRP     PDF:  
Wrap Text
Update regarding civil unrest

Mr Price Group Limited
(Registration number 1933/004418/06)
Incorporated in the Republic of South Africa
ISIN: ZAE000200457
LEI number: 378900D3417C35C5D733
JSE and A2X share code: MRP
(“Mr Price Group” or “group”)


Shareholders are advised that the civil unrest reported on SENS on 14 July 2021 has almost completely
subsided. Most of the damage and disruption was contained in the provinces of KwaZulu Natal and to
a lesser extent, Gauteng, and did not spread to the rest of South Africa.

The group is pleased to advise that the damage caused by looting did not increase materially beyond
what was first reported and totals 111 stores. At one stage over 500 of the group’s stores were
temporarily closed but has now significantly reduced to 20 temporary store closures.

Extensive efforts were made to ensure that the group’s distribution centres were unaffected and as of
Tuesday 20 July, these sites were fully operational including all logistics and distribution activities. The
Durban Port is experiencing some bottlenecks but this is expected to ease as all facilities are operating.
Head office associates worked remotely during the unrest and have now returned to their respective
workplaces in line with COVID-19 level 4 lockdown protocols.

A detailed assessment is being undertaken to inform insurance claims and to determine the re-opening
of looted stores on a case by case basis. The group’s intention is to reopen all looted stores but will be
considered based on the specific circumstances of each store location and the status of the individual
shopping centres in which these stores are located. The impact on local suppliers is less than originally
feared although some effect will be felt on forward merchandise orders. The full broader financial impact
of the unrest will be quantified and communicated in due course.

The group has received overwhelming support from all its partners and stakeholders and is extremely
grateful for this. It is in the fortunate position to give back and through the Mr Price Foundation will be
doing so immediately through several initiatives. The immediate need is for access to essential and
grocery items and the group has identified specific communities connected to its distribution centres
and supply chain which it will be providing with food parcels. In addition, it will be providing aid relief to
communities at large both via its own channels and through recognised foundations. The group is
encouraged by the proactive engagement between business and government and remains committed
to being a part of the solution in South Africa.

Group CEO Mark Blair said, “I am extremely grateful to all our associates and partners for their efforts
over the last ten days. To get us back up and operational in the affected areas so quickly has been an
incredible team effort. The proactive community response and tenacious spirit within the business is
evidence that the actions of a few will not determine the course of the majority. We look forward to
returning our focus to growing our business and creating opportunities for all our stakeholders.”

21 July 2021

JSE Equity Sponsor and Corporate Broker
Investec Bank Limited

Date: 21-07-2021 11:41:00
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