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Shoprite shares rise on higher sales, Nigeria divestment plan

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Shares in Shoprite Holdings shot up over 11% on Monday after it reported higher total sales and said it was considering the sale of all of, or a majority stake in, its Nigerian subsidiary.

The company, which owns more than 2,800 outlets across Africa, said in a trading update it was pursuing the sale after reviewing its operating model and receiving approaches from various investors.

The continent's top supermarket has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have weighed on earnings.

 

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