Shoprite To Sell Its Nigerian Business To Persianas

Shoprite To Sell Its Nigerian Business To Persianas

What a massive value destruction for Shoprite shareholders. The voyage to Nigeria is coming to an end as Reuters reports that a buyer has been found.

Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation, though no further details have been disclosed.

Banking sources told Reuters that Persianas Properties emerged as the buyer after a bidding process and the company is arranging debt for the buyout. The Palms shopping mall, Persianas’ flagship mall, houses a Shoprite store in the West African country’s commercial capital, Lagos.

Shoprite has more than 25 retail stores across Nigeria, including some of the largest in West Africa.

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