South African Retailer ShopRite to Sell Majority Stake in Nigeria

Shoprite Scales Down Kenya Operations

South Africa’s retailer, ShopRite, has said it is considering a sale of “all or a majority stake” of its Nigerian subsidiary.

It has operated in the country for 15 years through its Retail Supermarkets Nigeria Limited subsidiary.

The company said it has been approached by potential investors willing to take over its Nigerian operations. 

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year,” ShopRite said in a statement on Monday.

“Any further updates will be provided to the market at the appropriate time,” read the statement.

On the other hand, the retailer’s financial statement for the twelve months to June 2020, its South African division grew by 8.7 percent while sales at its supermarkets outside South Africa (excluding Nigeria) fell by 1.4 percent.

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