CA approves Choppies directors� P450m deal
Friday, September 25, 2015
Ottapathu
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.
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...