Shoprite sharpens focus on home market as it slashes dollar debt
A R6bn cash pile gives the grocery retailer a buffer in uncertain times and ammunition for its growth ambitions at home
Shoprite slashed its dollar-denominated debt by 80%, freeing up cash to sharpen its focus on its home market as it retreats from problematic markets elsewhere on the continent.
The company is now sitting on just $80m (about R1.2bn) in dollar-denominated borrowings racked up by the group’s enormous capital expenditure to roll out hundreds of stores in risky but lucrative markets such as Nigeria and Angola. ..