Friday, September 25, 2020
Home Business Shoprite Plans To Leave Nigeria After 15 Years Of Operation

Shoprite Plans To Leave Nigeria After 15 Years Of Operation

Shoprite Plans To Leave Nigeria After 15 Years Of Operation

South Africa’s grocery retailer ShopRite has announced plans to halt operations in Nigeria, after 15 years.

ShopRite made the announcement in a statement released on Monday, 3 August 2020.

It revealed it has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.

Shoprite said the results for the year do not reflect any of their operations in Nigeria.

It also said in the statement that it will be classified as a discontinued operation.

The statement 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

Shoprite plans to leave Nigeria after 15 years of operation when South African operations contribute 78% of overall sales and saw 8.7% rise for the year.

2 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Viewed news

Former President Goodluck Jonathan Gets New Appointment

Former Nigerian president, Goodluck Ebele Jonathan has been appointed by the Economic Community of West African States, ECOWAS, as a special envoy...

Gokada Founder, Fahim Saleh Found Decapitated Next To Electric Saw.

33-year-old, Fahim Saleh, a millionaire tech CEO known as the "Elon Musk of the developing world" is dead

VIDEO: COVID-19 Might Be Airborne, Wear Face Masks – NCDC Boss Warns Nigerians

The director-general of Nigeria Centre for Disease Control, NCDC, Dr Chikwe Ihekweazu, says there are possibilities that coronavirus (COVID-19) can be transmitted...

Watch Moment A Dead Man Was Forced Out Of Casket After Refusing To Be Taken Home For Burial

A funny but yet a terrifying moment saw a corpse in Anambra state was forced out of a casket after allegedly refusing...