Africa’s largest FMCG retailer, Shoprite, has announced its decision to exit the Nigerian market as it begins the formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.
In a statement cited by ait.live, the company stated that Shoprite’s operations in Nigeria saw a 6.7% decline in sales for the twelve months to June 2020.
“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.”
Source : Ait.live
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