BREAKING: South African company Shoprite to stop its operation in Nigeria following an announcement

Shoprite Holdings Limited, a Nigeria-based South African company with hundreds of outlets, says it will not continue operating in the country.

This was confirmed by the company in their “Operational and Voluntary Trading Update” published on Monday.

It said this was because of the effects of Coronavirus pandemic across the globe.

The official statement 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,” it said.

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