Photo: Leon Nicholas

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 12:26 SA time. - Reuters