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ShopRite Denies Leaving Nigeria
#1
Quote:[Image: Shoprite-exits-Nigeria-after-15-years-NEWPAPER24.jpg]
ShopRite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “Shoprite is not leaving Nigeria.

“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right.

“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.

“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Recall that reports have been circulating that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

The report further stated that Shoprite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.

The report also said international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018.

South African operations contributed 78 per cent of the overall sales and saw 8.7 per cent rise for the years.

The report went further to say that as a result of the lockdown, customers’ visits declined 7.4 per cent but the average basket spends increased by 18.4 per cent.


https://www.vanguardngr.com/2020/08/shoprite-debunks-exit-rumour-says-we-are-not-leaving-nigeria/amp/?__twitter_impression=true

[Image: 12054495_12054224whatsappimage20200803at...ea2d17e656]
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#2
[b]Shoprite: Insider Shares Details Of The Corporate Restructuring[/b]

Shoprite Not Leaving Nigeria- Insider Shares The Details Of The Corporate Restructuring


Quote:Shoprite, Africa’s largest food retailer, announced on Monday it is considering selling off its majority share in its Nigerian subsidiary.

In a trading update filed at the Johannesburg Stock Exchange (JSE), the retail giant said it has begun the formal process of liquidating its majority share.

“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,’’ it said.

TheCable understands there is a corporate tussle among three entities to bite into the larger stake of the retailer.

Persianas Nigeria Limited, a property development company, owned by Tayo Amusan, is said to be the preferred bidder for the Shoprite stake.

Amusan is a businessman invested in property development. Some of his properties house the stores of Shoprite.

Amusan founded Persianas in 1990. In 2004, he launched, The Palms. Owing to the success of The Palms in Lagos, he floated three additional malls in Enugu, Kwara, Ota and Ibadan.

Amusan sits on the board of several Nigerian companies, including African Paints Nigeria Limited, and he is also the chairman of Resourcery Limited.

The two other contenders are said to be another property development company but with links to a foreign country, and a South African company backed by South Africa’s pension fund. Though Amusan is mooted to be the favoured investor, the other bidders are pushing negotiations hard.

TheCable understands the deal will involve Shoprite retaining the management of its chain of operations, brand name, trademarks, and supply chain.

In an internal memo of July 31 seen by TheCable, Carl Erickson, general manager of the retailer, informed employees that the revision in the business is to make the company ‘’truly Nigerian’’.

The memo read: “The expansion of the retail business in Nigeria to a greater consumer market should remain everybody’s shared vision. It has, however, become apparent that the best manner in which to do this is by engaging Nigerian investors who share in this vision. In so doing we will be creating a truly Nigerian business run and owned by Nigerians for the Nigerian market.”

Shoprite posted a sharp decline in sales of 6.3 percent in the 2020 fiscal year.

The retailer launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005.

That chain has grown from one to more than 25 retail stores across Nigeria — including some of the biggest retail stores in west Africa.


https://www.thecable.ng/exclusive-here-is-the-nigerian-who-will-buy-shoprites-stake

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