BOTSWANA – Botswana’s budget retailer, Choppies has appointed Heinrich Mathiam Stander as the new Chief Financial Officer (CFO) of the company following an earlier resignation of Sanooj Pullarote, the former CFO, reports New Times.
Sanooj Pullarote, resigned from the position amid concern months-delayed financial results without giving a reason for his departure.
Heinrich Mathiam Stander is an accountant who has held various senior level finance positions the British American Tobacco.
Pullarote’s resignation comes just over one month after the food retailer’s shares were suspended from Botswana’s Stock Exchange (BSE) and a subsequent suspension of its listing in South Africa’s bourse.
“The trading of the Choppies securities will remain suspended until the company complies with BSE Listings requirements or until further notice,” Said a statement released by Botswana Stock Exchange.
However, the firm said it will continue to work with the former CFO to offer assistance until publications of the financial statements are complete.
“Sanooj will continue to offer his assistance to the company until publication of the company’s audited financial statements,” said the food retailer.
The delayed publication of the firm’s financial statements has seen its shares drop by over 60%.
Choppies has said it postponed the release of its financial statements while it reassessed a number of past accounting practices and policies, which in some cases could have a material impact on its results.
Choppies has operations in seven African countries including South Africa and Zimbabwe with a total of 217 stores with plans of opening an additional 40 units in Africa at a cost of about $29 million.
The company had earlier said it is still operating below break-even in Kenya and its other new markets such as Zambia and Mozambique.
The budget retailer has 10 stores in Kenya having taken over the latest Ukwala store in last year and has plans of expanding by opening five more across the country.
For the year ending June 2017, Choppies had recorded an annual sales of US$910 million.