BREAKING: Shoprite Begins Process To Exit Nigeria After 15 Years.

ShopRite, a popular grocery retailer has disclosed plans to leave Nigeria after 15 years of operation due to decline in sales.

According to a trading update filed on the Johannesburg Stock Exchange on Monday, the company said it had been approached for a potential buy over by some Nigerian investors.

In its “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the megastores with presence in virtually all parts of Nigeria said the retail supermarkets arm will be disposed.

The update reads: “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.

“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.”

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