Shoprite commences process of sale of operations in Nigeria
South Africa grocery retailer, Shoprite, has announced that it is considering selling all or parts of its Nigerian operations to yet to be named investors.
South Africa grocery retailer, Shoprite, has announced that it is considering selling all or parts of its Nigerian operations to yet to be named investors.
Shoprite, which has been operating in Nigeria for 15 years announced the commencement of a formal process to sell of all or a majority stake in its supermarkets in Nigeria in its trading statement for the 52 weeks ending June, 2020 released on Monday.
As a result, the company said the statement do not reflect any of their operations is Nigeria as it will be classified as discontinued operation.
It said, “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 a discontinued operation when Shoprite reports its result for the year,” the statement read.
