More trouble beckons for Choppies :: Mmegi Online

More woes could be coming the way of troubled retail giant, Choppies Enterprises in 2019, with a tough new disciplinary regime due to kick in at the Botswana Stock Exchange (BSE), introducing daily fines and a quicker route to termination.

Choppies dominated news in the business sector this year, after a 76% share price drop in September. The group had announced it could not say when its results for the year ended June 30 would be released as its new auditors were reassessing historical figures related to business acquisitions, value of inventory, property and others.

Choppies also said an ownership dispute was further complicating matters. The group had also previously delayed the release of its interims citing similar issues. Market watchers this week said the regional grocer was in danger of being the first counter to be transferred to the BSE’s new “default board” where companies not complying with the listing rules are moved to. The default board is part of new listing rules, which kick in on January 1, 2019.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.