Business

Shoprite making move to leave Nigeria over difficult business environment

South African superstores, Shoprite Holdings Limited is making plan to leave Nigeria.

The company stated on Monday that it will auction its outlets in Nigeria.

The decision, it said, was informed by the COVID-19 pandemic, which it said has affected businesses worldwide.

In its “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the megastores with presence in virtually all parts of Nigeria said the retail supermarkets arm will be disposed.

The update reads: “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.”

More to come….

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