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South Africa’s grocery retail giant, ShopRite, plans to discontinue its operation in Nigeria.
Shoprite first made its way to Nigerian market in Lagos in December 2005.
On Monday morning, the firm said in a trading update filed at the Johannesburg Stock Exchange that it plans to stop operations in Nigeria.
International supermarkets (excluding Nigeria) contributed 11.6 per cent to group sales and reported 1.4 per cent decline in sales from 2018.
78 percent of overall sales was contributed by South African operations and accounted for 8.7 percent increase for the year.
The company said it had received offers from investors seeking to take over its Nigerian operations.
It said it was deliberating a total sale of its operations or selling a majority stake to 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.
Source: Sahara Reporters
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.