Business and Brands
Nigerian Company, Ketron Buys Shoprite Stores
Nigerian Company, Ketron, Buys Shoprite Stores
Nigerian company, Ketron, Acquires Shoprite Stores – Ketron Investment Limited, a Nigerian firm has completed the acquisition deal of Retail Supermarkets Nigeria Limited (RSNL), owner and operator of the Shoprite stores in Nigeria.
Ketron is owned by a group of investors led by Persianas Investment Limited, a statement from Ketron, said on Tuesday.
NEPC, Commonwealth collaborate on production of professional service export data
It said the change in ownership has also received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).
Recall CityNews Nigeria had reported the process of Shoprite acquisition in Nigeria since last year when the South African retail giant announced it was divesting its retail outlet in the country.
Shoprite Holdings is Africa’s largest food retailer, operating 2,843 supermarkets in 15 countries and serving 35 million customers in Africa and the Indian Ocean Islands; its supply chain includes over 300 local suppliers comprising small businesses and farmers.
Speaking on the acquisition, Chairman of Ketron, Tayo Amusan said, “We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria.”
Amusan who also owns Persianas added: “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”.
It was also learnt that Persianas own the major buildings that house Shoprite outlets in Lagos, Ilorin, among others.
Since its launch in Lagos in December 2005, Shoprite has expanded to 25 outlets across 11 states and Abuja, FCT.
Ketron acquired 100% ownership of Shoprite in Nigeria and will continue operations across all existing outlets, with plans to open additional stores and introduce more Nigerian-made products, the statement said.
“It is our vision to create fundamental change for the better within Nigeria,” said Amusan.
Professional services firms, KPMG Advisory Services, MBO Capital Management Limited and Banwo & Ighodalo advised Ketron on the deal. Jide Ogundare, CEO, MBO Capital, in his comment, said: “With the plans we have in place, and with the support of the larger Shoprite family in Nigeria including our staff and every Nigerian shopper that walks through our doors, we are confident of success.”
- News9 hours ago
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 19th April 2024
- Politics10 hours ago
Israeli Missiles Hit Iran, Iraq And Syria
- Top Stories10 hours ago
Tinubu Deliberately Put Northerners In Key Places – Ribadu
- Entertainment10 hours ago
Nollywood Eniola Ajao’s movie ‘Ajakaju’ rakes over N200 million in cinemas
- News10 hours ago
NAPTIP arrests fake Reverend Sister for allegedly trafficking 38 children
- News10 hours ago
Tinubu Govt Withdraws Yahaya Bello’s Police Escort
- Top Stories10 hours ago
Resolutions of PDP NEC meeting emerges [FULL TEXT]
- News9 hours ago
Top Nigerian Newspaper Headlines For Today, Friday, 19th April, 2024