South Africa’s Shoprite Holdings Ltd posted $10.27 million gain from the sale of its assets in Uganda, Madagascar and Nigeria as Africa’s largest fast-moving consumer goods retailer retreated from markets it has considered under-performing on the continent. The retailer, which is listed on the Johannesburg Stock Exchange (JSE) and cross-listed on the Namibian and Zambian Stock exchanges, revealed through its financial statements for the 53 weeks ended July 4 that its operations in Uganda and Madagascar which it had classified as “assets held for sale” yielded a combined net gain of $8.85 million, but declined to disclose the value for each transaction.French franchise Carrefour is set to take over the stores of Shoprite Checkers when the South African giant completes its exit from the Uganda market. The Carrefour franchise in Uganda is operated by the United Arab Emirates based Majid Al Futtaim Group, which announced in a press statement that it had agreed the lease transfer of Shoprite Checkers Uganda Limited’s store locations Identify the corporate strategy that Shoprite is pursuing
South Africa’s Shoprite Holdings Ltd posted $10.27 million gain from the sale of its assets in Uganda,
Madagascar and Nigeria as Africa’s largest fast-moving consumer goods retailer retreated from
markets it has considered under-performing on the continent. The retailer, which is listed on the
Johannesburg Stock Exchange (JSE) and cross-listed on the Namibian and Zambian Stock exchanges,
revealed through its financial statements for the 53 weeks ended July 4 that its operations in
Uganda and Madagascar which it had classified as “assets held for sale” yielded a combined net
gain of $8.85 million, but declined to disclose the value for each transaction.French franchise Carrefour is set to take over the stores of Shoprite Checkers when the South
African giant completes its exit from the Uganda market. The Carrefour franchise in Uganda is operated by the United Arab Emirates based Majid Al Futtaim Group, which announced in a press
statement that it had agreed the lease transfer of Shoprite Checkers Uganda Limited’s store
locations
Identify the corporate strategy that Shoprite is pursuing
Step by step
Solved in 2 steps
