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South African’s Shoprite turns to Nigerian unit 

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Shoprite,a South African retail giant,  is expecting   to sell off to its Nigerian unit, thus ending stake in the Africa’s populated market.

Various investors have already expressed interest in purchasing the retail unit that has been lucrative in Nigeria for  15 years.

“The Retail Supermarkets Nigeria Limited Board has decided to comply with investor interest in purchasing one of its  subsidiary.”

June 2020 the subsidiary reported a 6.4 percent increase in total sales representing $9.08 billion  for a full year, however, other units outside South Africa were struggling.

Shoprite launched operations in Nigeria in December 2005 and has 26 stores in eight out of Nigerian 36 states with about 99 percent of its 2,000-workforce.

While the supermarket chain did not disclose its suitors, Nigerian investors are reported to have been angling to buy into Africa’s largest retailer.

 

 

 

 

 

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