BREAKING: Shoprite to stop operation in Nigeria
Shoprite Holdings Limited, a South African company with hundreds of outlets in Nigeria, says it may not continue operation in the country.
The company stated this in its “Operational and Voluntary Trading Update” released on Monday.
It said this was due to the effect of the coronavirus pandemic.
“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,” it reads.
“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,” it said.