By Abdulrahman Abdullahi
After 16 years of investment in the country, the South African retailer, Shoprite, has been bought by Ketron Investment.
According to separate reports released by Shoprite and Katron, the price of sale was not disclosed.
Shoprite entered into a share purchase agreement with Ketron, a Nigerian company owned by a group of institutional investors led by property group Persianas, for the disposal of its entire interest in Retail Supermarkets Nigeria Limited.
The SA’s biggest grocer has earlier existed from Kenya and has now decided to focus more on home market after a long-term review.
According to Shoprite, there was inclusion of frenchise agreement as part of the terms which will allow Katron to continue to use Shoprite name and brand.
The terms also includes an administration and services agreement which provides the business with administration and technical support from the Shoprite Group for an initial period of five years.
The SA biggest grocer confirmed that 70% of the transaction proceeds have been received with the balance due in four equal installments over 30 months.
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