Latest News

Local female rapper Sasa Klaas (Sarona Motlhagodi) of Mmamongwato fame...
Former African champion, Isaac Makwala has approached the Botswana Ath...
The Botswana National Sport Commission (BNSC) has suspended Botswana A...
FRANCISTOWN: The country’s history is littered with tales of pla...

Choppies withdraws from African troublespots

Choppies store in Kenya
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.

The latest developments meant Choppies’ African footprint outside Botswana is now limited to South Africa, Zambia, Zimbabwe and Namibia.

A deal to exit the group’s 88 stores in South Africa has received regulatory approval, with Choppies now finalising the extent of outstanding commitments with the proposed buyer.

The exits end a remarkable period of rapid pan-African expansion for Choppies, during which it grew from a single store in Lobatse in 1986, to its first store outside Botswana in Zeerust in 2008, to hundreds of stores spread over eight countries.

Critics panned the aggressive expansion, saying Choppies was committing itself to notoriously unstable countries where previous retailers, including South Africa’s Shoprite, had struggled

to survive.

The homegrown group’s troubles came to the fore in 2017, with new auditors questioning historical finances, transactions, values and practices, leading to the launch of forensic and legal investigations into the group and its senior executives.

The Botswana Stock Exchange and Johannesburg Stock Exchange suspended Choppies in November 2018 after it failed to produce financial results for the year ended June 30. The regional grocer then underwent a tumultuous period, with a highly public boardroom fallout pitting non-executive directors against founders Ramachandran Ottapathu and Farouk Ismail.

Auditors, lenders and suppliers also made demands on the group, as speculation grew that previous financials were misstated and inherent misgovernance had been taking place. Ottapathu and Ismail prevailed over their detractors at a highly contentious extraordinary general meeting last September and with a reconstituted board and recapitalisation from their pockets, have sought to steady the ship. The African exits are expected to allow Choppies to focus its energies on better performing assets, as part of a strategy to regain momentum.


Banners ?>


Mr. Kennafela. What prompted you to be a politician?

Latest Frontpages

Todays Paper Todays Paper Todays Paper Todays Paper Todays Paper Todays Paper
Adana Escort
Adıyaman Escort
Afyon Escort
Ağrı Escort
Aksaray Escort
Amasya Escort
Ankara Escort
Antalya Escort
Antep Escort
Ardahan Escort
Artvin Escort
Aydın Escort
Balıkesir Escort
Bartın Escort
Batman Escort
Bayburt Escort
Bilecik Escort
Bingöl Escort
Bitlis Escort
Bolu Escort
Burdur Escort
Bursa Escort
Çanakkale Escort
Çankırı Escort
Çorum Escort
Denizli Escort
Diyarbakır Escort
Düzce Escort
Edirne Escort
Erzincan Escort
Elazığ Escort
Erzurum Escort
Eskişehir Escort
Giresun Escort
Gümüşhane Escort
Hakkari Escort
Hatay Escort
Iğdır Escort
Isparta Escort
İskenderun Escort
İstanbul Escort
İzmir Escort
İzmit Escort
Karabük Escort
Karaman Escort
Kars Escort
Kastamonu Escort
Kayseri Escort
Kıbrıs Escort
Kırıkkale Escort
Kırklareli Escort
Kırşehir Escort
Kilis Escort
Kocaeli Escort
Konya Escort
Kütahya Escort
Malatya Escort
Manisa Escort
Maraş Escort
Mardin Escort
Mersin Escort
Muğla Escort
Muş Escort
Nevşehir Escort
Niğde Escort
Ordu Escort
Osmaniye Escort
Rize Escort
Sakarya Escort
Samsun Escort
Siirt Escort
Sinop Escort
Sivas Escort
Şırnak Escort
Tekirdağ Escort
Tokat Escort
Trabzon Escort
Tunceli Escort
Urfa Escort
Uşak Escort
Van Escort
Yalova Escort
Yozgat Escort
Zonguldak Escort
Alaçatı Escort
Aliağa Escort
Alsancak Escort
Bornova Escort
Buca Escort
Çeşme Escort
Çiğli Escort
Gaziemir Escort
Karşıyaka Escort
fethiye escort
iskenderun escort
iskenderun escort
iskenderun escort
iskenderun escort
iskenderun escort karataş escort ceyhan escort ankara escort etimesgut escort çankaya escort altındağ escort mamak escort keçiören escort