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Shoprite sells Nigerian division to local property company

Shoprite sells Nigerian division to local property company
Persianas to buy Shoprite’s Nigerian business after the retailer decides to retreat from Africa’s most populous country
15 April 2021 - 18:39 Anthony Osae-Brown and Janice Kew
Picture: REUTERS/SIPHIWE SIBEKO
Shoprite plans to sell its Nigerian division to a local property group, as Africa’s largest food retailer pulls back from the continent’s most populous country.
The deal for Persianas to buy the unit is subject to regulatory approval, Cape Town-based Shoprite said in a statement on Thursday, confirming earlier reports. While the asset has been valued by the seller at 30-billion naira ($73m), it is not yet clear how much Persianas has agreed to pay, according to a person familiar with the matter. ....

Cape Town Based Shoprite , Shop Rite , Shoprite Holdings Ltd , South Africa , Mtn Group Ltd , Persianas Group Ltd , Cape Town , கேப் நகரம் அடிப்படையிலானது கடை , கடை சடங்கு , கடை ஹோல்டிங்ஸ் லிமிடெட் , மதன் குழு லிமிடெட் , கேப் நகரம் ,

Shoprite to Sell Nigerian Unit to Property Firm Persianas

Shoprite to Sell Nigerian Unit to Property Firm Persianas
Bloomberg
2 hrs ago
Anthony Osae-Brown and Janice Kew
© Bloomberg
Residents queue to receive their South African Social Security Agency (SASSA) grant payment at Alex Shopping Mall in the Alexandra township of Johannesburg, South Africa, on Friday, June 5, 2020. While central banks and governments in North America, Asia and Europe have offered trillions of dollars to prop up businesses hit by lockdowns and provide a safety net for the swelling ranks of the unemployed, a lack of liquidity restricts African governments from providing similar relief.
(Bloomberg) Shoprite Holdings Ltd. plans to sell its Nigerian division to a local property group, as Africa’s largest food retailer pulls back from the continent’s most populous country. ....

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