Shoprite has sold its N30bn worth Nigerian business to Ketron Investment.
The new Nigerian owner of Shoprite is led principally by Persians Group.
The deal comes eight months after Shoprite announced in August last year that it has classified its Nigerian business as a discontinued operation after it was approached by potential investors willing to take over its Nigerian operations.
The new owners in a statement said that it has received regulatory approval from Federal Competition and Consumer Protection Commission to buy the business from the South African firm.
Tayo Amusan, the Chairman of Ketron Investment Limited said, “We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria.
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future.”
Shoprite owned by South African billionaire Mr. Christo Wiese and over 2,300 stores across Africa had stated that in 2018, revenue from other countries with the exemption of Nigeria only accounted for 11.6 percent of sales, while South African operations contributed 78 per cent of overall sales.
By the second half of 2020, Shoprite said it lost 8.1 per cent of its sales to the September xenophobic reprisal attacks on South African owned firms in Nigeria in 2019.