Africa’s largest retailer, Shoprite Holdings, has sold its business in Nigeria after nearly 20-years in the market.
The established pan-African retail giant agreed to sell its Nigerian division to the local Nigerian company Ketron, a group owned by the large, multi-channel property group, Persianas.
As one of South Africa’s first business to open in Nigeria, the firm is changing its business model from ownership into a franchise model – meaning that Ketron will still utilise the Shoprite branding despite the sale.
In a statement released yesterday at the point of sale, Tayo Amusan, 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,”