CA approves Choppies directors� P450m deal

Friday, September 25, 2015

The Competition Authority has given Choppies directors Ramachandran Ottapathu and Farouk Ismail the greenlight to dispose of nine firms linked to the retail giant, for P450 million.

A consortium of investors led by the Standard Chartered Private Equity Mauritius, is tying up the deal to buy Spark Capital, a company created to house the nine firms, most of which are Suppliers to the Choppies Enterprises.

Apart from their majority shareholding in Choppies, Ottapathu and Ismail also jointly own 94 percent of Spark Capital, with the remainder held by minority shareholders, mostly employees.

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CA approves Choppies directors� P450m deal

The Competition Authority has given Choppies directors Ramachandran Ottapathu and Farouk Ismail the greenlight to dispose of nine firms linked to the retail giant, for P450 million.