Shoprite concludes sale of Nigerian subsidiaries

By AdvocateNews on 06/04/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 309


South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets are 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.

In its latest financial report for December 2020 operations obtained from the company’s website on Tuesday, Shoprite stated that the company was awaiting approval from the Nigerian Federal Competition and Consumer Protection Commission after lodging the transaction with the commission.

According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.

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.”

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.

The company had in August in its half year 2020 financial report, announced that it would gradually end its operation in Nigeria.

It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.

Posted 06/04/2021 3:32:17 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Anti-riot policemen evacuate TVC staff after mob attack...

EFCC seizes gold worth N1.1 billion at Abuja...

Security Challenge: Miyetti Allah shuts Enugu livestock markets...

Bandits, on reprisal, kidnap 42 persons in Zamfara...

Enugu Judge died of hepatitis not Covid-19

Presidential poll: APC files ‘evidence’ to prove Atiku...

Ghana reopens 600 Nigerian shops after six months...

Confession: How soldiers killed police officers, released me...

APC has failed, PDP will return to power...

Nigeria to float national carrier in 2021 —Aviation...

Abakaliki Street still exist in Awka --LG boss...

Court remands truck driver, owner over death of...

 

Latest News ISWAP terrorists sack military base in Buratai’s village I sacrificed my parents for Biafra, I will sacrifice everything – Nnamdi Kanu vows COVID-19: I won’t take vaccine, I’m not guinea pig – Bishop Oyedepo Why I supported Boko Haram, al Qaeda, Taliban — Buhari’s Minister S-East govs, Ohanaeze, monarchs compiling names of IPOB members, ESN operatives for FG – Spokesperson Printing of N60bn by CBN, wake up call for Buhari, APC – PDP warns Police confirm death of Abuja pastor, Evans Unaegbu Buhari snoring while Nigeria sinks under him – Dino Melaye Nine govs stealing LG funds through cronies–NULGE Abductors of Kaduna students demand N500 million ransom Police arrest Woman for poisoning 3-year-old stepson with Sniper Insecticide Forces against NIN policy behind attacks against me – Pantami

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (84,811 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (72,951 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (69,584 views) Sickle cell support group seeks government intervention (69,584 views) Ebonyi bans embalming of corpses in homes (69,582 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (69,580 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (69,572 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (69,502 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (68,237 views) ASUU strike: Senate intervention ends in deadlock (67,545 views) All you need to know about Peter Obi, PDP VP Candidate (56,976 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (55,009 views)

 

 

SECTIONS FAITH (99) EDITORIAL (14) NEWS (4,968) POLITICS (482) SOCIETY (125) SPORTS (43) BUSINESS (346) HEALTH (50) EDUCATION (44) ENTERTAINMENT (33) INTERNATIONAL (143) TECHNOLOGY (1) COLUMNISTS (57) LETTERS (3) OPINION (32)

 

 


There are no video entries posted yet.