Africa's Largest Grocer Sells Furniture Unit to Rival Pepkor Tue, Sep 3, 2024, 4:11 PM GMT+2 2 min read 0 In this article: [Yahoo! Finance]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
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Source: Yahoo! Finance
its food business in its home market as well as growing specialist clothing, baby, outdoor and pet stores. Most Read from Bloomberg How Air Conditioning Took Over the American Office A Guide to Urban Swimming in Europe, Beyond the Seine The South African firm will sell the business to Pepkor Holdings Ltd. for about 3 billion rand ($168 million) in cash, the buyer said in a filing on Tuesday. “There's a lot more one can extract out of that business and it'll require significant capital investment,” Shoprite Chief Executive Officer Pieter Engelbrecht said. Pepkor will be able to integrate the purchase seamlessly given its investment in the relevant technology, “and it allows us to appropriate the capital where we are enjoying a much better return,” he said. Shoprite's shares fell 6.4% as of 4:04 p.m. in Johannesburg after it reported annual net income of 6.25 billion rand. While profit rose 6.2% from a year earlier, it missed the average analyst estimate. Pepkor's stock was
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