Following the negative effects of the COVID-19 pandemic on all sectors of life across the world, South African Company, Shoprite Holdings Limited, on Monday, said it would auction off its outlets in Nigeria.
Shoprite, which has outlets in almost all the states of the Federation, said it had to close its business in Nigeria due to the disruption caused to businesses globally by the novel Coronavirus pandemic.
The company announced this in its “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday.
According to the update, “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.”