Thursday, June 4, 2020

Mogae quits as Choppies mulls exiting S/African market

BY KABELO SEITSHIRO

Botswana’s troubled retailer, Choppies Enterprises has announced that is considering exiting its South African market after a recent strategic review of the business.

The previous financial statement of the retailer, which has a dual listing at Botswana Stock Exchange Limited (BSEL)and Johannesburg Stock Exchange (JSE) indicated that it has increased its South African stores to 88 while those in Botswana stand at 85. Choppies SA acquired 8 new stores KZN region effective in November 2017.

On Thursday Choppies through BSEL informed its shareholders that it has concluded that exiting the South African market is the appropriate strategic decision for the Company.

Choppies stated further it has commenced a process which may result in the divestment of Choppies Supermarkets SA (Pty) Ltd in whole or in part and which if successfully concluded may have a material effect on the price of Choppies securities.

The company stated its Board has appointed Redford Capital, also engaged as ‘Chief Restructuring Officer’ of the Company) to the role of Sole Lead Co-ordinator and Advisor on behalf of Choppies in respect of advising on and executing the divestiture transaction process.

Meanwhile, the company has not yet published its financial results for the year ended 30 June 2018.

The Company’s primary listing is on Botswana Stock Exchange Limited (BSEL) and its secondary listing is on the Johannesburg Stock Exchange (JSE).
Meanwhile, Choppies Board Chairperson and former President Festus Mogae has indicated that to the Board that he will retire as Chairman and as a director with effect from the conclusion of business at the annual general meeting of the company. 

RELATED STORIES

Read this week's paper

Cabinet caught up in a web of P240 million Covid-19 Tender

The fast-tracked procurement processes adopted by Covid-19 Presidential Task Force will come under renewed scrutiny when Botswana Government this week receives a...