Retailer Choppies to pay US$12m owed to banks and suppliers as it exits East African market

EAST AFRICA – Botswana-based retailer Choppies Enterprises Ltd is facing a US$12.4 million debt owed to banks and suppliers in Kenya and Tanzania, as the retailer prepares to exit from the East Africa region after closing down its operations in March 2020. Botswana Stock Exchange listed retailer which is also cross-listed on the Johannesburg Stock Exchange has discontinued operations in four countries — Kenya, Tanzania, Mozambique, and South Africa. It is continuing with its operations in Botswana, Zimbabwe, Zambia and Namibia. The multinational grocery and general merchandise retailer headquartered in…

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Botswana supermarket chain Choppies hits PwC with US$39.5m lawsuit

BOTSWANA – Choppies Enterprises’ Senior Executives, CEO Ramachandran Ottapathu and founding member Ismail Farouk have served former auditors PricewaterhouseCoopers (PwC) with papers, suing them for R653 million (US$39.5m) for not signing off on the company’s 2018 accounts, which led to collapse in the value of their shares. The duo, according to Fin24, filed the lawsuit at the High Court in Gaborone, Botswana’s capital alleging that PwC didn’t complete the audit in part to pressure the company to hire PwC director Rudi Binedell as head of finance. “There was such a…

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Choppies reports single digit rise in revenue boosted by business consolidation, restructuring

BOTSWANA – Southern African retailer, Choppies Supermarket having operations in Botswana, Zimbabwe, Namibia and Zambia has posted positive results for the year to end June 2020 despite the COVID-19 pandemic which cost the company about P190 million (US$16.4m) in revenue. The super market chain operator managed to increase its revenue by 1% to P5.421 billion (US$468m) and gross profit by 3% to P1.253 billion (US$108.1m). According to reports by News Day, it raised its gross margin from 22.7% to 23.1%. The solid performance comes on the back of a period…

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Choppies relists on Botswana Stock Exchange after 20-months suspension

BOTSWANA – Choppies supermarket has resumed trading on the Botswana Stock Exchange after a 20-month suspension following the company’s failure to publish its financial results. The Botswana based retailer finally released its long awaited audited financial results for the year end-June 2019 on 24th July 2020. According to the company the changing of its auditors when PricewaterhouseCoopers (PwC) resigned in September 2019 and replaced by Mazars in February 2020, led to the delaying in publication. The group also faced legal and forensic investigations as well as the COVID -19 outbreak…

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Choppies releases the anticipated 2019 audited results alongside its interim financials

BOTSWANA – Botswana based retailer, Choppies Supermarket has finally released its long awaited audited financial results for the year end-June 2019, citing the changing of its auditors when PricewaterhouseCoopers (PwC) resigned in September 2019 and replaced by Mazars in February 2020, as the reason for the delaying in publication. The group also faced legal and forensic investigations as well as the COVID -19 outbreak and the lock-downs in the countries it operates which added to the hold up of results, highlighted the company. According to the company, its revenue for…

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BDC acquires 24% stake in Botswana-based food and beverage retailer

BOTSWANA – Ninety One, an asset management business, alongside Rand Merchant Bank Ventures (RMBV), private equity arm of Rand Merchant Bank has sold 24% of its equity investment in Kamoso Africa via its Africa Equity Fund 2(APEF2) to Botswana Development Corporation (BDC). Founded in 2015, Kamoso has established itself as one of Botswana’s leading diversified fast-moving consumer goods (FMCG) platforms.  The company undertakes a wide range of businesses i.e. operates Liquorama, a chain of liquor stores; Waves distributors, supplies FMCG products; Real water, bottles still and sparkling water; Lemepe milling, miller…

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Botswana retailer Sefalana acquires 40% stake in Australian supermarket chain operator

BOTSWANA – Sefalana Holding Company Limited, one of Botswana’s largest retail outfit has entered into an agreement with Australian based company, Seasons Group to acquire 40% stake in the company for  P74 million (US$6.1m). Seasons Group operates in the Fast Moving Consumer Goods (FMCG) sector with a chain of seven supermarkets in Australia’s capital, Brisbane. It is controlled by a consortium of shareholders, many of whom are also consortium members in the South African business in which Sefalana has a preference share interest. A cautionary announcement and subsequent updates were…

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Choppies postpones release of audited financial results due to the Covid-19 pandemic

BOTSWANA – Botswana based retailer, Choppies supermarket whose 2018 results were delayed by more than a year has once again delayed its 2019 financial audit citing the lockdown in Botswana as the reason behind it. The discount trader’s share trading has been suspended on both the JSE and Botswana Stock Exchange for over a year after it had difficulties releasing its audit results in 2018 following a forensic investigation that uncovered accounting irregularities. The retailer has said the lockdown has delayed Mazars’ completion of the end-June 2019 annual financial statements…

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Botswana food delivery startup MyFoodness rebrands as Yamee, expands to Tanzania

BOTSWANA – Botswana food delivery startup MyFoodness has rebranded as Yamee and announced its entry into the Tanzanian market with a launch in Dar es Salaam. A mobile commerce platform that focuses on increasing earning opportunities for food merchants and providing convenience for consumers has already signed up 60 merchants in its new market, Tanzania and plans to expand into the Democratic Republic of Congo (DRC). “We are excited about our launch and all the recognition we have received in our two years of existence.” “We directly impact the lives…

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Choppies sells assets in Kenya’s shut operations to finance debt

KENYA – Botswana based retailer, Choppies supermarket has put up for sale its retail equipment and property in Kenya weeks after scaling down local stores from more than 15 to two. The retailer, which did not specify in regulatory filings how much it expects to fetch, said proceeds will help to retire some of its debt. “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,” said the Botswana Stock…

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