This archive report was first published on 3 August 2020.
Published on August 3, 2020, Shoprite Group's Board has revealed plans to divest from Nigeria, citing various potential investors' approaches.
The decision is in line with the company's re-evaluation of its operating model, which aims to optimize its business operations.
As a result, Retail Supermarkets Nigeria Limited will be classified as a discontinued operation when Shoprite reports its results for this year.
Shoprite Group has stated that it will provide further updates to the market at the appropriate time.
The company's South African operations have been significantly impacted by the COVID-19 lockdown regulations, which restricted trade in several categories within its supermarket business.
Shoprite's retail business operates under four brands: Checkers, Checkers Hyper, Shoprite, and Usave.
The lockdown restrictions have also affected the company's liquor business, which was required to close for 66 days and subsequently restricted trade to four days a week.
Shoprite trades in 14 African countries, where lockdown restrictions have significantly impacted sales.
