Shoprite Holdings will sell its furniture unit to a smaller rival as Africa's largest supermarket chain focuses on expanding its specialist clothing, baby, outdoor and pet stores.
The transaction, announced in conjunction with Shoprite's financial results for the year ending June, is part of the company's strategy to streamline and focus on areas where it sees the greatest potential for growth.
The firm will sell the business to Pepkor Holdings for about R3 billion, the buyer said in a filing yesterday.
Cape Town-based Shoprite has also pulled back its main grocery business in several other countries on the continent.
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