This was contained in the company’s end-of-year report titled, ‘Reviewed Results For The 52 Weeks To 28 June 2020’.
“Kenya, with three stores at year-end, has continued to underperform relative to our return requirements. Post year-end, one store has been closed. The megastore company had also announced its planned exit from Nigeria last month after about 15 years of operations in the West African country. “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.
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