UPDATE 2-South Africa's Shoprite sells Nigerian business to local firm Ketron [Reuters]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
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Source: Reuters
By Nqobile Dludla 3 Min Read * Ketron will continue using SHOPRITE brand * Shoprite Group to provide admin and technical support * Ketron chair says will introduce more Nigerian-made products (Adds Ketron comments, shares) JOHANNESBURG, June 2 (Reuters) - Shoprite Holdings has sold its Nigerian business to local buyer Ketron Investment, nearly 16 years after the South African retailer opened its first outlet in the country. Shoprite entered into a share purchase agreement with Ketron, a Nigerian company owned by a group of institutional investors led by property group Persianas, for the disposal of its entire interest in Retail Supermarkets Nigeria Limited, the companies said. The price was not disclosed. Shoprite shares were up 4.21% as of 0942 GMT. Shoprite, one of the first South African companies to expand into Nigeria, is changing its model from an ownership to a franchise one after a review of its long-term options in Africa, once touted as the next bright growth spot for retai
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News
- Shoprite's clothing chain UNIQ plans more stores, local sourcing [Reuters]Reuters
- South Africa's SPAR steps up battle for affluent and discount shoppers [Reuters]Reuters
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- Africa's Largest Grocer Boosts Sales by Avoiding Price Increases [BNN Bloomberg (Canada)]BNN Bloomberg
- Business Exodus From Nigeria Won't Last, Billionaire Wiese Says [BNN Bloomberg (Canada)]BNN Bloomberg