Monday, April 19, 2021
No menu items!
Home NEWS Shoprite concluding arrangements to exit Nigeria 2021

Shoprite concluding arrangements to exit Nigeria 2021

South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets was being concluded.

The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets.

In its latest financial report for December 2020 operations obtained from the company’s website on Tuesday, Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.

According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.

Shoprite added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.

The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation.

“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”

“Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report stated.

The company had in August last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria.

It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.


LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

European Super League: Uefa and Premier League condemn 12 major clubs signing up to breakaway plans

Uefa, the Premier League and UK Prime Minister Boris Johnson have condemned 12 major European clubs, including the 'big six' from England, signing up...

Leicester City 1-0 Southampton: Kelechi Iheanacho earns Foxes first FA Cup final spot since 1969

Leicester City reached their first FA Cup final since 1969 as Kelechi Iheanacho's second-half goal gave them victory over Southampton at Wembley. Iheanacho was the...

Two drug traffickers excrete 191 pellets of cocaine, heroin at Lagos Airport

Two suspected drug traffickers intercepted by operatives of the National Drug Law Enforcement Agency (NDLEA) at the Murtala Muhammed International Airport, MMIA, Lagos, have...

Man who gave woman a lift zooms away with her phone after collecting it to input his number

A Twitter user has shared an unpleasant experience her friend had with a man who offered her a ride. According to @IsrealGeraldine, a man had...

Recent Comments