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Shoprite concludes sale of Nigerian subsidiaries

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Shoprite Holdings Limited, a South African company, has announced that the sale of its Nigerian stores has been completed.

The business announced that it would close its operations in Nigeria by selling a 100% equity interest in its Nigerian retail supermarkets.

Shoprite reported in its most recent financial report for December 2020 activities, obtained on Tuesday from the company’s website, that it was pending approval from the Nigerian Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.

The agreement is expected to be authorized by the end of the fiscal year 2021, according to the group.

Shoprite added that management was working on a franchise agreement for the Shoprite brand to stay in Nigeria, as well as an administration and services agreement to assist the new owners with running the stores.

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.

“Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report stated.

In August, the company announced in its half-year 2020 financial report that it would phase out its operations in Nigeria.

The board of directors agreed to officially exit its activities in Nigeria due to unfavorable market conditions, according to the release.

In August, the company announced in its half-year 2020 financial report that it would phase out its operations in Nigeria.

The board of directors agreed to officially exit its activities in Nigeria due to unfavorable market conditions, according to the release.

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