(CNN)South Africa's supermarket retailer, ShopRite, has announced it is considering a sale of "all or a majority stake" of its business in Africa's biggest economy, Nigeria, 15 years after it opened in the West African country.
South African retail giant ShopRite says it may sell 'all or a majority stake' in Nigeria business
In a statement released Monday, the company said it is re-evaluating its operating model and has been approached by many investors willing to take over its Nigerian stores.
It added that it has decided to initiate a formal process to consider the sale of all or a majority stake in its retail supermarkets in the country.
"Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when ShopRite reports its results for the year. Any further updates will be provided to the market at the appropriate time," read the statement.
CNN contacted ShopRite but the company declined to comment beyond the content of the statement.
The company, with more than 2,900 outlets across Africa, also released its trading statement for 52 weeks to end June.
In the trading statement, it announced that its South African division grew by 8.7% while sales at its supermarkets outside South Africa (excluding Nigeria) fell by 1.4%.