Shoprite gets R1.2bn supply chain expansion funding from Standard Bank

Shoprite has arranged R1.2 billion ($64 million) in vehicle and asset financing to support its supply chain expansion, Standard Bank said on Monday.

The retailer, with more than 2 900 stores across Africa has earmarked R8.5 billion partly to fund the next phase of its multi-year supply chain expansion project “to meet the next decade’s volume and logistics requirements.”

The company is adding just over 200 000 square metres in distribution centres over the next two years to support growth at 2 237 South African supermarkets.

The R1.2 billion funding is one of the largest vehicle and asset finance deals Standard Bank has arranged and in line with its Africa growth strategy, the lender said in a statement.