Shoprite set to evacuate Nigeria

South African superstores, Shoprite Holdings Limited, has stated it will auction its outlets in Nigeria, The Nation can report.

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.”

Details shortly…

Check Also

Traore, Burkina’s Junta Chief Becomes World’s Youngest Leader

Just a week ago, 34-year-old Ibrahim Traore was an unknown, even in his native Burkina …

Osun CPS Bags NUJ Award, Dedicates It To Gov. Oyetola

The Chief Press Secretary to Governor Adegboyega Oyetola of Osun, Ismail Omipidan on Thursday bagged …

Rivers Assembly Delists Omehia As Ex-Gov., Asks For Refund Of N600m

As part of its resolution, Rivers State House of Assembly has asked Celestine Omehia to …

Leave a Reply

Your email address will not be published.