South African Company, Shoprite Holdings Limited has said it would sell off its outlets in Nigeria.
The megastore outfit with presence in many states in Nigeria based it’s decision to close down on the coronavirus pandemic which has affected major businesses globally.
This is contained in Shoprite Holdings Limited’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released recently.
The part of the update 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.”
Further details will be provided later.
