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Breaking: Retail Giant Shoprite Set to Exit Nigerian Market

Shoprite Awaits Regulatory Approval On Sale Of Nigerian Outlets

Shoprite, Africa’s largest food retailer, is planning to exit the Nigerian market after posting continuous losses from its operations in the west African country.

In a trading update filed at the Johannesburg Stock Exchange (JSE) on Monday morning, the retail giant said it was planning to discontinue its operations in Nigeria.

“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,” the update read.

“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 launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005.

That chain has grown from one to more than 25 retail stores across Nigeria — including some of the biggest retail stores in west Africa.

More to follow…

Source: The Cable

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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