Four armed men entered the shop and opened fire on the owner, Lieutenant Andrea Cloete was quoted by a South African online news site ioL (Independent Online).
The gunmen took an undisclosed amount of money and airtime and fled, added Cloete.
Dead Rabiul and injured Mizan are from Ladua village under Faridganj upazila of Chandpur. They went to Cape Town 18 months ago and jointly opened a department store.
This is the second incident of killing of Bangladeshi expatriates in South Africa within a week. Three Bangladeshi businessmen were shot dead by criminals on July 5 in the country.
The family of Thursday's victim came to know about the incident yesterday morning when an expatriate, Shipon, called them from Cape Town.
The armed goons stormed the shop around South Africa time 10:00pm on Wednesday (Bangladesh time around 3:00am on Thursday) and started shooting, said Rabiul's brother Zaidul Hossain quoting Shipon.
Rabiul was hit in the head and died instantly while Mizan was hit in the hand and was undergoing treatment at a hospital there, Zaidul added.
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