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Shoprite to exit Nigeria in 2021 – CEO

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Shoprite Holdings Limited, has declared that the sale of its Nigerian outlets was being closed as it intends to leave Nigeria this year.

The South African organization noticed that it would close down activities in the nation by arranging a 100% value stake in its Nigerian retail general stores.

In its most recent monetary report for December 2020 tasks got from the company’s site on Tuesday, Shoprite expressed that the organization was anticipating endorsement from the Federal Competition and Consumer Protection Commission in the wake of housing the exchange with the commission.

According to the company’s Chief Executive Officer, Pieter Engelbrecht, 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.

“We are at the approval stage in terms of the sale of our Nigeria supermarket operation,” Engelbrecht said.

“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 last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria over unfavorable market conditions.

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