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Shoprite concludes sale of Nigerian subsidiaries
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Shoprite concludes sale of Nigerian subsidiaries
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Shoprite insists on sale of Nigerian outlets
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2 rapidly growing small cap ASX shares to buy
James Mickleboro | April 5, 2021 9:45am |
More on: Image source: Getty Images
If you’re interested in adding some exposure to the small side of the market to your portfolio then you might want to take a look at the shares listed below.
Here’s why these ASX small caps have been tipped as buys:
Universal Store Holdings Limited
The first small cap to look at is Universal Store. It is a fashion retailer which delivers an ever-changing and carefully curated selection of on-trend products to the younger fashion-focused customer.
Universal Store has been an exceptionally strong performer during the pandemic. This culminated in the company delivering a half year result in February which revealed stellar sales and profit growth. For the six months ended 31 December, Universal Store posted a 23.3% increase in sales to $118 million and a massive 63.6% increase in underlying net profit after tax to $21.1 million.
It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.
“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, RSNL may be classified as a discontinued operation when Shoprite reports its results for the year,” the management said in the update.
Shoprite Holding in the latest publication of its financial report for December 2020 operations, under its non-current assets held for sale and discontinued operations, maintained that in the short-term, “Strategic shifts made with the Nigeria sale and Kenya closures.