Concluded! Palm Shopping Malls Has Bought Shoprite Shoprite…
Concluded! Palm Shopping Malls Has Bought Shoprite Shoprite parent company has sold its Nigerian subsidiary to Persianas, a real estate company. The deal will see the new investor gain access to over 20 stores in Nigeria. MBO Capital and KPMG had advised Persianas. The acquisition of Shoprite supermarket chains had occurred due to losses suffered by the company. The retailer’s loss rose during the COVID-19 lockdown as patronage fell during the period last year. Although, prior to the COVID-19 pandemic, the South African-owned supermarket had announced it wants to leave Nigeria. Shoprite stated that it is pulling out its investment in the country just as it did in Kenya, to focus its attention on the retail business in the parent company’s country rather than splitting resources. https://www.instagram.com/p/CNtu_Gvl-fc/?igshid=w9d3p6bwceq • Support Paul Ikpe Blog PIB By Sharing, Liking & Commenting