It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.
“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. As such, RSNL may be classified as a discontinued operation when Shoprite reports its results for the year,” the management said in the update.
Shoprite Holding in the latest publication of its financial report for December 2020 operations, under its non-current assets held for sale and discontinued operations, maintained that in the short-term, “Strategic shifts made with the Nigeria sale and Kenya closures.