BREAKING NEWS: SHOPRITE MAKING PLANS TO EXIT THE NIGERIAN MARKET
One of Africa’s biggest retail giants, SHOPRITE is making plans to leave the Nigerian market, this was disclosed in a statement after a trading update by the Johannesburg Stock Exchange (JSE) on Monday morning.
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,” the update read.
“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.”
The South African company has been in Nigeria for about fifteen years now, after it lauched its first store in the West African economy capital, Lagos in 2005.