South African grocery retailer, Shoprite Holdings Limited said it had been approached by potential investors willing to buy its Nigerian operations.
The company said it was considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
The South African retailer is leaving Nigeria 15 years after it opened shop in the West African country.
In its operational and voluntary trading update published today, the company said the decision was informed by the COVID-19 pandemic, which has affected businesses worldwide.
The update reads: “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. Any further updates will be provided to the market at the appropriate time.”