South African Company, Shoprite Holdings Limited, has disclosed it is concluding the sale of its Nigerian subsidiaries.
Shoprite declared that it would close down activities in the nation by disposing a 100 per cent equity stake in its Nigerian retail supermarkets.
In its most recent financial report for December 2020 activities got from the organisation’s website on Tuesday, Shoprite said that the company was expecting endorsement from the Nigerian Federal Competition and Consumer Protection Commission subsequent to submitting the transaction with the commission.
As indicated by the company, the administration anticipates the transaction to be endorsed by the end of the 2021 financial year.
The South African Company further said that the administration was currently finishing up the franchise agreement for the Shoprite brand to stay in Nigeria and also an administration and services agreement to offer support to the new stakeholders with operating the subsidiaries.
The Chief Executive Officer, Pieter Engelbrecht said, “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.”
“Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report said.
The organisation had in August in its half year 2020 financial report, declared that it would progressively end its activity in Nigeria.
It stated that the board made a decision to officially quit its activities in Nigeria over adverse economic situations.
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