According to Bloomberg, Shoprite is considering selling its Nigerian business. This process began after the grocery store said in November that it was reviewing its supermarket operations outside of South Africa. If this will help reverse the decline in regional sales, it will consider exiting certain countries. The retailer has been fighting a surge in inflation caused by the currencies of several other African countries.
The update partly read, “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.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”