South African Company, Shoprite Holdings Limited is exiting Nigeria.
According to Punch, the company says it will auction off its outlets in Nigeria.
The megastore company with presence in virtually all states in Nigeria hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.
This was contained in the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday.
The update partly 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.”