24.3 C
Lagos
Sunday, June 20, 2021
More

    SHOPRITE LEAVES NIGERIA, SELLS BUSINESS TO KETRON INVESTMENT

    Must Read

    Inflation: Nigerians Groan As Hardship Bites

    As double-digit inflation persists in the country, Nigerians, especially the middle class, have called for immediate remedies, lamenting that...

    I made N70k daily supplying bread to bandits and was able to marry my dream 2nd wife — Baker

    I made N70k daily supplying bread to bandits and was able to marry my dream 2nd wife — BakerA...

    Chelsea Announce Transfer Deal For Van Ginkel

    Chelsea have announced that Marco van Ginkel has joined PSV Eindhoven. The Champions League winners disclosed this in a statement...

    Shoprite Holdings has sold its Nigerian business to local buyer Ketron Investment, it said on Wednesday, nearly 16 years after the SA retailer opened its first outlet in the country.

    Shoprite entered into a share purchase agreement with Ketron, a Nigerian company owned by a group of institutional investors led by property group Persianas, for the disposal of its entire interest in Retail Supermarkets Nigeria Limited, Shoprite and Ketron said in separate statements. The price of the sale was not disclosed.

    SA’s biggest grocer has been reviewing its long-term options across Africa to focus more on its home market and has already exited Kenya.

    The terms of the transaction include a franchise agreement, which secures the Nigerian retailer’s right to continue to use the SHOPRITE brand, Shoprite said.

    It also includes an administration and services agreement which provides the business with administration and technical support from the Shoprite Group for an initial period of five years.

    Shoprite added that 70% of the transaction proceeds have been received with the balance due in four equal instalments over 30 months.

    Reuters reported in April that Persianas had emerged as the buyer of Shoprite’s Nigerian operations after a bidding process.

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    - Advertisement -

    Latest News

    Inflation: Nigerians Groan As Hardship Bites

    As double-digit inflation persists in the country, Nigerians, especially the middle class, have called for immediate remedies, lamenting that...
    - Advertisement -

    More Articles Like This

    - Advertisement -