Kayode OyeroSouth African Company, Shoprite Holdings Limited, says it will auction off its outlets in Nigeria, The PUNCH has learnt. In an “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the company said it has been approached by “various potential investors”. “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. The South African business established 40 years ago with over 500 stores across the continent is arguably Africa’s largest grocery retailer.

Source: Punch August 03, 2020 08:48 UTC