The impending sale of Shoprite Nigeria to Nigerian property development company, Persianas, is reportedly being stalled by the Federal Consumer Competition Protection Commission.
The FCCPC’s approval, a key requirement, is believed to be the only stumbling block between both parties.
The body is charged with ensuring the interests of consumers remains top priority.
Shoprite also confirmed the transaction close was awaiting FCCPC approval in its latest earnings release.
“The Group confirms that the terms of sale have been concluded for the disposal of a 100% equity stake in its Retail Supermarkets Nigeria Ltd subsidiary. The transaction has been lodged with the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) for approval. Management expects the transaction to be approved by the end of the 2021 financial year.” – Shoprite.
