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Shoprite to sell N30bn Nigerian unit to property firm, Persianas

Shoprite Holdings Limited plans to sell its Nigerian division to a local property group, Persianas Group Ltd , according to Bloomberg. Regulatory approval for Persianas Group Limited to buy the Shoprite unit is expected by the end of April, the news agency said, citing a source who reportedly asked not to be identified because the information isn’t yet public. While the asset has been valued by the seller at N30 billion ($73 million), it’s not yet clear how much Persianas has agreed to pay. Shoprite, the owner of South African supermarket chains such as Checkers and U-Save, said last year it planned to exit Nigeria after 15 years operating in the country.

The company has struggled with supplychain disruptions and repatriating funds — both familiar problems to foreign businesses to have targeted the market. Over the past decade, South African retailers Woolworths Holdings Ltd., Truworths International Ltd. and Mr Price Group Ltd. have all opted to walk away from Nigeria. Even wireless carrier MTN Group Ltd., which has built its Nigeria business into the company’s largest and most profitable and listed it in Lagos, has been caught up in various crises, especially with regulators.

 

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