South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets is being concluded.
The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets. Last week, the company’s employees went on strike demanding better conditions of service across the country.
It carried out an initial report in August 2020 when the company first announced it was quiting Nigeria. Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.
The final approval for the sales is expected to be done by the end of the 2021 financial year, according to the company.
Shoprite added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.
The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation.
“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”