BREAKING: Shoprite to discontinue operations in Nigeria
chuks oti
Aug 03, 2020
South African Company, Shoprite Holdings Limited, says it will auction off its outlets in Nigeria, AFNEWS has learnt.
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The megastore company with presence in virtually all states in Nigeria hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.
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This was contained in the company's "Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)ÔÇØ released on Monday.
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The update partly read, "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.ÔÇØ
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Details later...
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— chuks oti