Naivas, Cleanshelf open new branches in Nakuru, take over spaces of struggling Tuskys, Ukwala

KENYA – IFC backed Kenyan retailer Naivas Supermarket has opened its fourth store in Nakuru town, as local chain Cleanshelf opens its inaugural store in the same region, central of Kenya. The new stores steam up competition in the town which hosts other retailers such as WoolMart and QuickMart who have two branches each, while homegrown Gilanis has maintained its only branch. According to reports by Business Daily, Naivas’ and Cleanshelf’s new branch have occupied spaces vacated by Tuskys and Choppies owned Ukwala respectively. Troubled Tuskys supermarket exited Nakuru town,…

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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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Choppies resumes trading on its secondary listing JSE after 2 years ban

SOUTH AFRICA – Botswana based retailer, Choppies Enterprises Limited has resumed trading on the Johannesburg Stock Exchange (JSE) after a two-year hiatus. Choppies, which has a primary listing on the Botswana Stock Exchange (BSE) and secondary listing on the JSE, was suspended from the local bourse in November 2018 after it delayed releasing its financial results. The lifting of the suspension follows the extensive engagement with the JSE after the local bourse BSE recommenced the trading of the company’s shares on its board on the 27 July 2020. This was after…

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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 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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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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Choppies exits South Africa with sale of stores to King Investments

SOUTH AFRICA – Choppies Group has offloaded its South Africa stores and distribution centres to King Investments following the launch of open bids for its 88 stores in October to settle its outstanding debt. In August the Botswana retailer had identified its South African business as distressed and earmarked for disposal together with its Kenyan and Tanzanian business which they have started to receive interest on. The embattled company, which has a primary listing on the Botswana Stock Exchange and a secondary listing on the JSE, said SA businesses have…

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Choppies opens bid for its South African assets in refinancing plan

SOUTH AFRICA – Choppies Enterprise has opened bids for its 88 stores in South Africa to settle its outstanding debt until the 28th of this month to expedite the sale process. In August the Botswana retailer had identified its South African business as distressed and earmarked for disposal together with its Tanzanian business which they have started to receive interest on. In addition, its Kenyan operations is continuing with its offloading process. Beginning of the month, the retailer closed its third outlet in Kenya following its prior closure of its…

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Botswana retailer Choppies Supermarket closes third outlet in Kenya

KENYA – Botswana based retailer, Choppies supermarket has closed its third outlet in Nanyuki, following its prior closure of its Kiambu and Bungoma outlets this year as the firm experienced stock outs amid static fixed costs of running on empty shelves. This is in line with the retailers plans of exiting the Kenyan market as revealed in an extraordinary general meeting (EGM) with its shareholders, classifing its 12 stores as distressed. Following Choppies recent branch closure, the Kenyan retailer Tuskys has taken over Nanyuki Mall as anchor tenant.  “Choppies enterprises…

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