Investors wary as Choppies seals 74thebe exit from SA
Friday, December 06, 2019
![Changing times: Choppies is existing the SA market](https://cdn4.premiumread.com/?url=https://www.mmegi.bw/uploads/imported_images/2019/december/06/php2YqdIM.jpg&w=400&q=72&f=jpg&t=1)
Changing times: Choppies is existing the SA market
Kind Investments will take over the loss-making stores and has committed to investing an immediate ZAR100 million in the SA stores towards working capital and stock to take advantage of the Christmas-buying frenzy.
Under the deal, the buyer inherits claims against the SA stores and Choppies is released from guarantees it gave to creditors and suppliers for the SA stores. Choppies, however, has also committed to underwriting “negative equity value” in the deal up to R150 million and also covering a further R125 million in claims that the buyer could make for certain risks, which include a possible foreign exchange violation and certain “reportable irregularities”.
The BDP as a party known to have ample resources has always held its primaries well in time, but this time around that was not the case. The first leg of the primaries was held last weekend, with the final leg being billed for the coming weekend. This time around, the BDP failed to shine in its primary elections. The elections were chaotic; most if not all polling stations didn't open at the specified time of 6am. Loyal BDP members braved the...