Business

Shoprite’s exit arrangement from Nigerian market at the final stage- CEO

Africa’s retail giant, Shoprite holdings Limited, has revealed that arrangements are top gear to  complete disposal of its Nigerian Subsidiar

The South African based retail behemoth had first disclosed its intention to leave the country last year, owing to the streak of losses it made from its investments in Nigeria.

After due consideration by the Board of the Group in April 2020, the intention to dispose of a majority stake in its Nigerian operations was approved.

Following this move, the management of Shoprite holdings received interest from potential buyers, and after key talks with buyers, it is at the approval stage in terms of the sale of its Nigeria supermarket operation.

This move became possible after the company embarked on a process to identify a strategic partner that will improve the performance and operational efficiencies of the business in Nigeria.

According to a report by The Punch, the Chief Executive Officer of Shoprite Holdings Limited, Pieter Engelbrecht revealed that Shoprite’s exit arrangement from the Nigerian market is at the final stage.

“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can,” he said.

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