Shoprite gets $64 mln supply chain expansion funding from Standard Bank

Supply chain: Supermarket label Shoprite has received $64 million in vehicle and asset financing to support its supply chain expansion, Standard Bank said on February 19.

The largest supermarket group in Africa has earmarked 8.5 billion rand partly to fund the next phase of its multi-year supply chain expansion project, and  "meet the next decade's volume and logistics requirements."

The company with more with more than 2,900 stores across South Africa is adding just over 2,00,000 square metres in distribution centres over the next two years to support growth at 2,237 South African supermarkets.

The 1.2 billion rand funding is one of the largest vehicle and asset finance deals Standard Bank has arranged in line with its Africa growth strategy, the lender said in an official statement.