Politics, Sports, Business, Entertainment and News you will get nowhere else.

Monday, 3 August 2020

Shoprite set to Pull out of Nigeria

Shoprite Holdings Limited, a South African company with hundreds of outlets in Nigeria, says it may not continue operation in the country.
The company stated this in its “Operational and Voluntary Trading Update” released on Monday.
It said this was due to the effect of the coronavirus pandemic.
“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,” it reads.
“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,” it said.


No comments:

Post a comment

Disclaimer: Comments made by readers of this blog are strictly the views and opinions of the writers and not that of Nedu Echianu's Blog.

Credit is given to the original sources of culled stories, but in a situation where your story is wrongfully credited to someone else, please contact neduechianu@gmail.com for an immediate correction.

For eye witness reports, stories and features which you want published on this blog please contact me on +234-8037036168 or neduechianu@gmail.com.