Ketron Investment Limited, a subsidiary of Persianas
Investment Limited, has completed the acquisition of Shoprite operations in
Nigeria.
Persianas, a property firm and developer of the popular The
Palms, is owned by Tayo Amusan.
Last year, Africa’s largest food retailer informed investors
of a potential divestment of its business in Nigeria, while Amusan’s Persianas
became the preferred bidder for the Shoprite stake among three bidders.
In a statement issued on Tuesday, Tayo Amusan, chairman,
Ketron Investment Limited, said that the Federal Competition and Consumer
Protection Commission had approved a change of ownership.
“We are thrilled to
complete the acquisition of Shoprite, ensuring the continued operations of one
of the biggest retail success stories in Nigeria,” he said.
“We look forward to building an even stronger company
following our acquisition and are excited about the greater impact we will
achieve to the benefit of our customers and other stakeholders now and well
into the future.”
Shoprite currently has 25 outlets in eight states across
Nigeria. The subsidiary had been impacted mainly by import restrictions, forex
fluctuations.
In its year 2020 financial statement, Pieter Engelbrecht,
chief executive officer of Shoprite Holdings, said currency devaluations eroded
much of its efforts to push sales growth high.
In February 2021, Shoprite holdings closed its Kenyan
stores.
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