South African retail company, Shoprite Holdings Limited, has announced its plans to discontinue its operation in Nigeria.
Shoprite made this announcement on Monday in the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)”.
The report reads partly: “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.”
Shoprite began business in Nigeria nearly 15 years ago, launched its first store in Lagos in December 2005.