Nigeria: Ketron Investment Completes Acquisition of Shoprite

(file photo).
3 June 2021

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.

TheCable yesterday, quoted the Chairman, Ketron Investment Limited, Tayo Amusan, to have said 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, Chief Executive Officer of Shoprite Holdings, Pieter Engelbrecht said currency devaluations eroded much of its efforts to push sales growth high.

In February 2021, Shoprite holdings closed its Kenyan stores.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.