August 21, 2012 / 10:33 AM / 5 years ago

Shoprite to spend $205 mln on Nigerian real estate

JOHANNESBURG, Aug 21 (Reuters) - South Africa’s Shoprite plants to spend up to 1.7 billion rand ($205 million) on securing new locations in Nigeria, its chief executive said on Tuesday, as Africa’s top retailer ramps up sub-Saharan expansion.

Whitey Basson made the comment following the release of the company’s full-year results. Shares of Shoprite were up nearly 2 percent at 159.34 rand at 1026 GMT.

$1 = 8.3059 South African rand Reporting by Tiisetso Motsoeneng; writing by David Dolan; Editing by Ed Stoddard

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