Shoprite is exiting Nigeria, Africa most populous nation and also largest market after 15 years.
Shoprite says its re-evaluating its model structure accross the continent of africa , amidst logistic concern and the novel coronavirus pandemic.
Africa’s biggest grocery retailer has decided to exit Nigeria. “Following approaches various investors and 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 company said in a statement.
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 Cape-town base retailer has reported drops in annual earnings, caused by an impairment charge it recorded during the year.
Shoprite has started a formal process to sell all or majority of its stake in all their supermarkets in Nigeria.