Tag
SHOPRITE
Ketron Investment Limited, a Nigerian company owned by a group of institutional investors led by Persianas Investment Limited has announced the purchase of Shoprite Nigeria's assets.
Shoprite Nigeria is awaiting FCCPC approval to conclude its sale to Nigerian property development company, Persianas.
Christoffel Wiese is the de-facto owner of the retail giant and he is worth a collective $1.1 billion, according to Forbes.
Persianas, a Nigerian property group, will take over Shoprite's operations in Nigeria at the conclusion of a bidding process.
The FCCPC has downplayed viral media reports of retail giant, Shoprite exiting Nigeria.
Dozens of Shoprite outlets in Nigeria have been shut down as workers commenced an industrial strike action.
Shoprite Nigeria reported a loss after tax of R87 million in the period under review.
This comes as Shoprite also announced it would reduce operations in Nigeria.
Nigeria’s retail market faced a myriad of challenges following the recession in 2016.
The company has been reviewing its long-term options in Africa after currency devaluations.
N25.6 billion price tag is only reflective of what Shoprite Nigeria's operations is worth on paper.
Shoprite's intention to divest from its Nigerian operations appears to be anchored on these factors.