A South African Company, Shoprite Holdings Limited, declared it will auction off its outlets in Nigeria, Our correspondent reported this morning.
This was retrieved from the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday.
The Giant company with its presence virtually in all states in Nigeria clinched this decision on the COVID-19 pandemic which has disrupted major businesses globally.
The update stated, “Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.
Further details will be briefed as soon as released.