|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||12.35 - 12.52|
|52-week range||7.82 - 13.00|
|Beta (5Y monthly)||0.10|
|PE ratio (TTM)||20.69|
|Forward dividend & yield||0.37 (2.89%)|
|Ex-dividend date||30 Sept 2021|
|1y target est||N/A|
Majid Al Futtaim, a Carrefour franchise holder, has reached a deal to take over six stores in Uganda from South African retailer Shoprite, it said on Wednesday. Shoprite said last month it would shut down operations in Uganda and Madagascar after currency devaluations, lower commodity prices and high inflation hit household incomes and weighed on earnings. Majid Al Futtaim, which is a United Arab Emirates-based mall developer that holds Carrefour franchise rights in dozens of countries, said it had signed an agreement with Shoprite to take the Ugandan stores by the end of this year.
After a losing bet on the potential of economies across the African continent, South African retailers are in retreat to their home market - and their timing could hardly be worse. In recession-hit South Africa, consumer spending is shrinking as unemployment has hit a record high. At the same time, foreign rivals, possibly helped next year by the opening of the African Continental Free Trade Area (AfCTA), could find profits in the very markets South African players have had to abandon.