BREAKING: Africa& #39;s largest FMCG retailer, @Shoprite_NG, is exiting the Nigerian market as it begins the formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, according to a trading statement cited by Techloy.

BUSINESS: Shoprite& #39;s operations in Nigeria saw a 6.7% decline in sales for the twelve months to June 2020, according to the group& #39;s trading statement released today.

STATEMENT FROM SHOPRITE

"Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, 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, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year."

OFFICIAL STATEMENT