Shoprite Commences Process to Shut down Operation in Nigeria
South Africa’s grocery retail giant, ShopRite, plans to discontinue its operation in Nigeria.
Shoprite first made its way to Nigerian market in Lagos in December 2005.
On Monday morning, the firm said in a trading update filed at the Johannesburg Stock Exchange that it plans to stop operations in Nigeria.
International supermarkets (excluding Nigeria) contributed 11.6 per cent to group sales and reported 1.4 per cent decline in sales from 2018.
78 percent of overall sales was contributed by South African operations and accounted for 8.7 percent increase for the year.
The company said it had received offers from investors seeking to take over its Nigerian operations.
It said it was deliberating a total sale of its operations or selling a majority stake to Nigerian subsidia...