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Shoprite exits Nigeria after 15 years

BY: GRAPHIC.COM.GH
Shoprite exits Nigeria after 15 years
Shoprite exits Nigeria after 15 years

Africa's biggest grocery retailer, Shoprite, is exiting Nigeria after 15 years.

The South African-based retailer in a trading statement said it has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.

It said the move follows approaches from some potential investors.

"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 statement said.

"As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year".