Shoprite set to pull out from Nigeria 2021 - CEO
- Wed Apr 07 2021
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According to the Chief Executive Officer, Pieter Engelbrecht Shoprite will be moving out of Nigeria due to the unfavorable market conditions.
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 stated.
The company had in August last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria.
It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.