COVID-19: Shoprite To Sell Off Its Outlets In Nigeria

South African Company, Shoprite Holdings Limited, has said it will sell off its outlets in Nigeria due to the COVID-19 pandemic effect.

The megastore company with presence in virtually all states in Nigeria hinged this decision on the coronavirus pandemic which has disrupted major businesses globally.

This was contained in the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, August 3.

“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.

Read also: COVID-19: Lagos State Govt Discharges 31 Nigerians And Six foreigners

“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,” the update partly read,

Update soon…

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611