BY DAYO ADESULU
The popular South African Company, Shoprite Holdings Limited has resolved to quit Nigeria by selling off its outlets across cities in the country.
This was revealed Shoprite’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday.
According to the release, the exit of the company from Nigeria is in connection to the prevailing COVID-19 pandemic in the country.
What it portends is that Shoprite outlets which are in virtually all states in Nigeria would be sold off.
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.
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“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 coming shortly.
