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Shoprite to conclude arrangement to exit Nigeria in 2021 -- Management


South African Company, Shoprite Holdings Limited, has said the sale of its Nigerian outlets was being concluded.

The company disclosed it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets, as its transaction is expected to be approved by the end of 2021. 

The Chief Executive Officer, Pieter Engelbrecht said, "We are at the approval stage in terms of the sale of our Nigeria supermarket operation.

"From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.

"Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale," the report stated.

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