16 years after opening its first outlet, Africa's largest food chain, Shoprite is about to be taken over by a Nigerian company.
Ketron Investment Limited, owned by a group of local investors led by property firm Persianas Investment Ltd, has completed the acquisition of Shoprite Holdings Limited.
Shoprite is in fact, becoming a franchise in a new ownership model according to Tayo Amusan, Jetton's Chairman, “from an ownership model to a franchise model. The acquisition has been approved by Nigeria’s federal competition and consumer protection commission.
“We look forward to building an even stronger company following our acquisition,” he stated.
Shoprite currently operates 2,843 supermarkets in 15 countries, boasting of over 30 million customers in Africa and elsewhere, has struggled with supply-chain disruptions largely caused by e-channels for businesses, exchange rate and repatriation of funds.
Last year, Shoprite said its business in Nigeria operated under Retail Supermarkets Nigeria Limited “may be classified as a discontinued operation.”
The retailer operated 25 outlets in eight states across the country but had been struggled. Employees had two months ago embarked on a strike action pressing home favorable working conditions.
Ketron has hinted that it plans to open new outlets and display more Nigerian-made products.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.