Connect with us

    Hi, what are you looking for?

    Metro

    Shoprite Concludes Plan to Exit Nigeria

    Shoprite Holdings Limited, South African Company, has announced that the sale of its Nigerian outlets was being concluded.

    The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets.

    In its latest financial report for December 2020 operations obtained from the company’s website on Tuesday, Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.

    According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.

    Shoprite added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.

    The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation.

    “From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”

    “Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report stated.

    The company had in August last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria.

    It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.

     

     

     

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    Tech

    Lagos State has reaffirmed its leadership in Nigeria’s digital transformation drive by hosting the ICT Commissioners Roundtable during the GITEX Africa conference. The event...

    Tech

    Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has said Nigeria’s collaboration with the Japan International Cooperation Agency (JICA) is...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...