BY BANYO TEMITAYO
SOUTH African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets are being concluded.
The company said, in its financial statement for 2020, that it would shut down operations in Nigeria by disposing of 100 per cent equity stake in its retail supermarkets in the country.
It said in the financial report that it was awaiting the approval of the Nigerian Federal Competition and Consumer Protection Commission, noting that the transaction was expected to be approved by the end of the 2021 financial year.
The Chief Executive Officer, Pieter Engelbrecht was quoted as saying, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation. From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”
The report, however, said the statement of comprehensive income reflected profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale.
