Unic Press UK: Shoprite Holdings is on the verge of reducing part or selling all of its stake in Shoprite Nigeria, one of its subsidiaries.
The company said it has become apparent that the best way to expand its retail business in Nigeria and secure a larger consumer market is by engaging Nigerian investors who views are in consonance with the company’s vision.
“The expansion of the food 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,” a statement Monday read.
Shoprite with circa 3,000 outlets in Africa confirmed that it has identified interested Nigerian investors.