CA approves Choppies directors� P450m deal

Ottapathu
Ottapathu

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.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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