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Retreat by Shoprite

Shoprite Holdings is considering reducing or selling all of its stake in its Nigerian subsidiary. The company has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have driven down earnings. Shoprite, which owns more than 2,800 outlets across Africa, said in a trading update that it was reviewing its options and had had approaches from various investors. Shoprite said its annual headline earnings per share could rise despite the impact of 327.2 million rand in COVID costs and impairments of 1.3 billion rand.

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Alastair Tempest

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