Brands and Marketing
Shoprite Again Fixed Date To Exit Nigeria
![](https://onyxnewsng.com/wp-content/uploads/2021/03/Shoprite-Nigeria.jpeg)
Shoprite has set a date to leave Nigeria.
OnyxNews Nigeria reports that South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets was being concluded.
Shoprite said it would close down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets.
In its recent financial report for December 2020 operations obtained from the company’s website on Tuesday, April 6, 2021, Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.
When is Shoprite exiting Nigeria?
According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.
The company also stated 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.
Pieter Engelbrecht, the Chief Executive Officer, 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.”
READ Shoprite Group Exit Nigeria
“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.
Shoprite had in August last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria, adding that the board decided to formally exit its operations in Nigeria over unfavourable market conditions.
-
Headline1 week ago
JUST IN: FIFA Launches Investigation On Argentinian Players’ Racist Chants
-
Entertainment1 week ago
BREAKING: BBNaija Reduces Grand Prize For 2024 Edition
-
Entertainment1 week ago
Protest Not The Answer, Be Patient With Tinubu – Actor Yul Edochie Urges Nigerians
-
Headline1 week ago
JUST IN: Donald Trump Vows to End Wars, Restore US Power
-
Headline1 week ago
JUST IN: President Tinubu Appoints Walson-Jack As New Head Of Civil Service
-
Entertainment6 days ago
GWR: Nigerian Doctor Breaks Record For Largest Drawing
-
Entertainment6 days ago
My Break From Acting Helped Me Build More Brands – Emeka Ike
-
Entertainment3 days ago
BREAKING: DJ Cuppy’s Grandmother Passes Away
-
Headline6 days ago
TRANSFER: De Bruyne Agrees Deal To Leave Man City
-
Headline5 days ago
BREAKING: Joe Biden Pulls Out Of Presidential Race, Supports Kamala As Replacement