Shoprite Not Leaving Nigeria- Insider Shares The Details Of The Corporate Restructuring

Shoprite, Africa’s largest food retailer, announced on Monday it is considering selling off its majority share in its Nigerian subsidiary.

In a trading update filed at the Johannesburg Stock Exchange (JSE), the retail giant said it has begun the formal process of liquidating its majority share.

“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,’’ it said.

TheCable understands there is a corporate tussle among three entities to bite into the larger stake of the retailer.

Persianas Nigeria Limited, a property development company, owned by Tayo Amusan, is said to be the preferred bidder for the Shoprite stake.

Amusan is a businessman invested in property development. Some of his properties house the stores of Shoprite.

Amusan founded Persianas in 1990. In 2004, he launched, The Palms. Owing to the success of The Palms in Lagos, he floated three additional malls in Enugu, Kwara, Ota and Ibadan.

Amusan sits on the board of several Nigerian companies, including African Paints Nigeria Limited, and he is also the chairman of Resourcery Limited.

The two other contenders are said to be another property development company but with links to a foreign country, and a South African company backed by South Africa’s pension fund. Though Amusan is mooted to be the favoured investor, the other bidders are pushing negotiations hard.

TheCable understands the deal will involve Shoprite retaining the management of its chain of operations, brand name, trademarks, and supply chain.

In an internal memo of July 31 seen by TheCable, Carl Erickson, general manager of the retailer, informed employees that the revision in the business is to make the company ‘’truly Nigerian’’.

The memo read: “The expansion of the retail business in Nigeria to a greater consumer market should remain everybody’s shared vision. It has, however, become apparent that the best manner in which to do this is by engaging Nigerian investors who share in this vision. In so doing we will be creating a truly Nigerian business run and owned by Nigerians for the Nigerian market.”

Shoprite posted a sharp decline in sales of 6.3 percent in the 2020 fiscal year.

The retailer launched in Nigeria nearly 15 years ago, opening its first store in Lagos in December 2005.

That chain has grown from one to more than 25 retail stores across Nigeria — including some of the biggest retail stores in west Africa.

https://www.thecable.ng/exclusive-here-is-the-nigerian-who-will-buy-shoprites-stake

Many strange tales coming out

Na who talk say make I drink this night ehn, the article just dey double for my eye make person send the summary to my mail and to the guy above me Na the booze make you take my spot!!

How does this alleviate the sufferings of the common man on the street?

How does this affect common man.
Like if you had never been to this shoprite

Hmm

this is serious

ShopRite shouldn't go anywhere. If you give Nigerians this business opportunity, they would wanna become billionaires overnight. Truth be told, ShopRite is cheaper than our so-called market where you have to bargain for hours to buy commodities at inflated prices.

Let's use the present Rice scenario in Nigeria, when we were importing high quality stone free rice, we bought mudu at 600 despite being imported and of high quality. Fast forward today, mudu is 800 with all the stones minus the importation and custom duty. My question is, how can one produce something and it's more expensive than when you were importing?

Why this long epistle? Nigerians are opportunists that love taking advantage of situations at the detriment of their countryman. We see wickedness as being smart, fuel adds a naira and transportation price is hiked. ShopRite, kindly stay, same with DStv.

I will buy

ok

that's cool...

Damnnnnn niggarrr..
Isoright

Philipxxxx0:
That one is their problem, I only pity people that will loss their jobs.

That is why in life you prepare for the worse and hope for the best

And as a real niggarrr.... don't always be positive in your reasoning..also be negative in your thinking...but don't allow the negativity of your thinking outweigh its positivity

There is serious problem in Nigeria

great. anyhow, shoprite is here to stay.

Better.

Nb

They should make sure the Nigerian bidder win it. It will be better for Shoprite.

Tayo Amusan Persianas group are big players. They own:
—Palms Lagos
—Palms Lekki
—Palms Polo Park, Enugu
—Palms Ibadan
—Palms Ilorin

So they should have the bandwidth to manage Shoprite if need be.

That one is their problem, I only pity people that will loss their jobs.

AnonPoet:
Shoprite Not Leaving Nigeria- Insider Shares The Details Of The Corporate Restructuring

TheCable understands the deal will involve Shoprite retaining the management of its chain of operations, brand name, trademarks, and supply chain.

https://www.thecable.ng/exclusive-here-is-the-nigerian-who-will-buy-shoprites-stake

The end of shoprite in Nigeria is come...
That's how we lost Mr. Biggs. Last two years, While I was in Lagos, I went to one restaurant that has Mr. Biggs on its sign board, thinking it's Mr. Biggs. Na franchise stuff. Well, I was hungry so I waggled my way in. I requested for friedrice, they gave me popo garri rice and when I requested for chicken, I was served native fowl with hard bones. The cutlery were nothing to write about. The fork was so bent as if it's what they depicts on postal as the devil's fork. The knife so blunt that you'd need to apply extra force with your muscles aching to tear before you could get a pound of flesh. I got up without saying a word. Pay them their money and ran away.

Buy it and buy problem. Dem no dey tell person

Thought some folks do say Tinubu owns the company

Hand over the retail business to Nigerian and watch everything nosedive infact watch them rob people blind with exorbitant prices.

There's no shopping right in shoprite these days... Their shitss are expensive and way above market price.

I hate Nigeria bloggers, they will never get info from the right source before they post their rubbish to generate traffic.

This guy is from Ogun state, nice move.

The underlying fact from all these different stories is that South Africa is handing over Shoprite stores in Nigeria to Nigerians.

Later Comment Things

I.believe this story..

Okay...

Okay