Shoprite to initiate a formal process to end Nigerian operations
The Nigerian subsidiary of South Africa’s retail giant Shoprite is pulling out of Africa’s largest economy.
According to the company’s Operational and voluntary trading update (52 weeks ended 28 June 2020) obtained by Nigeria Today, the retail behemoth which owns dozens of supermarket chains in Nigeria, the “the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited”.
The decision was taken “following approaches from various potential investors and in line with our re-evaluation of the Group’s operating model in Nigeria,” the update added.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time,” the update added.
More details shortly.