Choppies withdraws from African troublespots

Friday, March 27, 2020

Choppies has finalised exits from Mozambique, Tanzania and Kenya as part of a strategy to limit its exposure to low performing African assets.

In an update to shareholders last week, directors of the regional grocer said full withdrawals had been finalised in Mozambique and Tanzania.

“(In) Kenya, operations have since been scaled down to only two stores and negotiations are ongoing to sell equipment to local operators and/or existing landlords to clear some of the outstanding liabilities,” the group said in a notice to directors.

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