ShopRite may exit Nigeria

Shoprite is considering selling its Nigerian operations according to Bloomberg.

South African Company, Shoprite Holdings Limited has said it would auction off its outlets in Nigeria.

Tribune Online gathered that the megastore company with presence in virtually all states in Nigeria hinged this decision on the COVID-19 pandemic which has disrupted major businesses globally.

This decision was contained in the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday.

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“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, 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.

“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 reads.

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