One Of Africa’s largest retailers company Shoprite’s has announced the formal process to stop all its operation in Nigeria.
Shoprite Holdings Limited made the announcement on Monday in its operational and voluntary trading update for the year ended on June 28, 2020.
The multi-national retail group, which announced a 6.4 per cent increase (R156.9billion) in total sales of merchandise for the outgoing year despite the challenges posed by the COVID-19 pandemic, announced that it decided to stop all its Nigeria operation.
“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