The Palms parent company completes Shoprite Nigeria acquisition | Ripples Nigeria
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The Palms parent company completes Shoprite Nigeria acquisition

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The acquisition of Shoprite Nigeria has finally been completed, with Ketron Investment Limited taking over the South African retail company from Retail Supermarkets Nigeria Limited.

Shoprite had announced in August 2020 that it was divesting from its Nigerian subsidiary as it continued to sustain losses, which was compounded by the COVID-19 pandemic.

The retail giant, with an asset valued at N30 billion, had operated in the country through Retail Supermarket Nigeria. Its exit will now be filled with Ketron Investment.

Read also: Shoprite employees protest wages, reveal new owner set to takeover in April

The new owner is backed by Persianas Investment Limited and other institutional investors. Ketron acquired 100 percent of Shoprite Nigeria, which will enable the firm control Shoprite’s 25 outlets across 11 states and Abuja.

Persianas Investment is the owner of The Palms, a mall where one of Shoprite stores is located.

Commenting on the acquisition in a statement, Tayo Amusan, Chairman of Ketron Investment said, “We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria.

“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.”

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