Finance

Persianas to take over Shoprite business operations in Nigeria

shoprite exiting Nigeria

Persianas properties emerged as the buyer of Shoprite units in Nigeria after a bidding process, and the company is arranging debt for the buyout. So, Nigerian properties group, Persianas, will take over shoprite operations in Nigeria after a bidding process was concluded.

The palms shopping mall in Lagos was owned by Persianas group which also contain Shoprite outlets.

It was reported by boomberg that Shoprite owners value its sale at 30billion naira, Meanwhile, the deal between Persianas and Shoprite was disclosed.

This decision was made after the South African retailer decided to retreat from other African markets, three banking sources told Reuters on Wednesday.

Shoprite have more than 2,300 stores across Africa

Why is Shoprite Exiting Nigeria?

Shoprite owners said last year it planned to exit Nigeria after 15 years of operating in the country. Explained further that, the company has struggled with supply-chain disruptions and repatriating funds. This is also affecting foreign businesses to have targeted the market
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