Shoprite to exit Nigeria

South African Company, Shoprite Holdings Limited, says it will auction off its outlets in Nigeria, The PUNCH has learnt. This is coming...


South African Company, Shoprite Holdings Limited, says it will auction off its outlets in Nigeria, The PUNCH has learnt.

This is coming about 15 years after it opened its first store in Lagos in December 2005.

The megastore company with presence in most Nigerian cities hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.

In an “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the company said it has been approached by “various potential investors”.


The update partly read, “Despite difficult circumstances, in a year incorporating the COVID-19 lockdown and accompanying regulations governing trade, transport and operations, the Group increased total sale of merchandise for the 52 weeks to 28 June 2020 (including the impact of hyperinflation in the prior year) by 6.4% to approximately R156.9 billion. Like-for-like growth for

the year was 4.4%.

“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.”

The company, which provides jobs for more than 2,000 Nigerians, has over 25 stores across eight states of the Federation including the Federal Capital Territory, Abuja.

The South African business established 40 years ago with over 500 stores across the continent is arguably Africa’s largest grocery retailer.

Source:punchng.com
Name

Business,21,Education,10,entertainment,27,event,5,foreign news,101,gossips,12,News,154,Politics,18,religion,53,sports,27,Video,7,Zongo,33,
ltr
item
Zongo Link Multimedia: Shoprite to exit Nigeria
Shoprite to exit Nigeria
https://1.bp.blogspot.com/-w98t4g1ck58/XykWUSv6SpI/AAAAAAAAPn4/ThWY6gIv_N82kgUdzcXWBwnGXk0bwEXTQCLcBGAsYHQ/s640/E180B253-E293-4615-9B54-D68EF8932F0F.jpeg
https://1.bp.blogspot.com/-w98t4g1ck58/XykWUSv6SpI/AAAAAAAAPn4/ThWY6gIv_N82kgUdzcXWBwnGXk0bwEXTQCLcBGAsYHQ/s72-c/E180B253-E293-4615-9B54-D68EF8932F0F.jpeg
Zongo Link Multimedia
http://www.zongolinkmultimedia.com/2020/08/shoprite-to-exit-nigeria.html
http://www.zongolinkmultimedia.com/
http://www.zongolinkmultimedia.com/
http://www.zongolinkmultimedia.com/2020/08/shoprite-to-exit-nigeria.html
true
8117865796886022374
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy