Connect with us

Business

Shoprite To Pull Out of Nigeria Market After 15 years of Operations

Published

on

Shoprite may soon leave Nigeria market, as report have it that the retail giant is set to discontinue its operations in Nigeria.

Shoprite first open its pioneer outlet in Lagos December 2005 and plan to leave Nigeria 15 years thereafter.

Trading update filed at the Johannesburg Stock Exchange on Monday morning, International supermarkets contributed 11.6 per cent to group sales and reported 1.4 per cent decline in sales from 2018.

South African operations contributed 78 per cent of overall sales and saw 8.7 per cent rise for the year.

Though the company claimed it had been approached by potential investors willing to take over its operations in Nigeria but the company prefer an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.

 “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,” part of the update read.

Related:  Remittances, I&E Yield $100m, $250m Weekly Forex Inflow – CBN
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Subscribe to our newsletter!

Facebook

Trending