Shoprite opened its very first shop in Lagos in December 2005.
In a trading upgrade submitted at the Johannesburg Stock Market on Monday early morning, the retail giant stated it was preparing to stop its operations in Nigeria.
International grocery stores (omitting Nigeria) contributed 11.6 percent to group sales and reported 1.4 percent decrease in sales from 2018.
South African operations contributed 78 percent of total sales and saw 8.7 percent increase for the year.
The business stated it had actually been approached by possible financiers going to take control of its Nigerian operations.
It stated it was thinking about a straight-out sale of its operation or offering a bulk stake in its Nigerian subsidiary.
Following techniques from different possible financiers, and in line with our re-evaluation of the Groups running design in Nigeria, the Board has actually chosen to start an official procedure to think about the possible sale of all, or a bulk stake, in Retail Grocery Stores Nigeria Limited, a subsidiary of Shoprite International Limited.
As such, Retail Grocery stores Nigeria Limited might be categorized as a ceased operation when Shoprite reports its outcomes for the year. Any additional updates will be supplied to the marketplace at the proper time, part of the upgrade read.