Shoprite Holdings Limited Company, has stated that it is set to conclude the sale of its Nigerian outlets, which it expects to be concluded by the end of the year.
This was made known by Shoprite in its latest report for December 2020 operations on its website.
However, the company said, it will shut down operations in the country by disposing of a 100 per cent equity stake in its Nigerian retail supermarkets.
READ ALSO: South Africa leading retail outlet, Shoprite, to pull out of Nigeria
Shoprite said it was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.
According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.
It was also revealed that the management was in the process of concluding a franchise agreement for the brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.
“We are at the approval stage in terms of the sale of our Nigeria supermarket operation,” Shoprite’s Chief Executive Officer, Pieter Engelbrecht said.
Peter said the capital allocated to the region remains at a minimum and the company will continue to manage costs as best as it can.
He added that “Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale.”
Follow the Neptune Prime channel on WhatsApp:
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
