Ketron Investment Limited has finalized acquisition proceedings for South Africa-owned Shoprite’s subsidiary in Nigeria. This announcement was made after the firm emerged as winner of a long and rigorous bidding process, defeating three other bidders.
Ketron’s subsidiary Persianas is a renowned real estate development firm, the Palms Mall is one of the most significant projects, a mall located in Lekki, a highbrow area of Nigeria’s capital city, Lagos.
Ketron Chairman Tayo Amusan made the announcement after a change of ownership was finally approved by The Federal Competition and Consumer Protection Commission. He 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 are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria”Tayo Amusan – Ketron Chairman
“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,” he added.
Under this new management, Amusan says the firm would be switching from an ownership business model to a franchise business model.
The first time Shoprite notified investors of the decision to sell its Nigerian operations back in 2020. Some of the factors the firm cited were the uncertainty brought on by the pandemic, difficulties with logistics, unstable and devaluated nature of the currency and risks associated with doing business in Nigeria’s sensitive sociopolitical environment.
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