THE Botswana Stock Exchange Limited (BSEL) has suspended retail giant Choppies shares from trading after it missed a deadline to publish audited financial results.
Source: Botswana Stock Exchange suspends Choppies – NewsDay Zimbabwe November 2, 2018
By Staff Reporter
“This notice serves to inform market participants that the Botswana Stock Exchange Limited has with immediate effect suspended trading on Choppies securities following their failure to publish their audited annual financial statement for their year ended June 30, 2018 timeously,” the stock exchange said in a statement.
Choppies operates in eight African countries, including Zimbabwe, where it has 33 stores.
It has a secondary listing in Johannesburg and its shares were also suspended on that bourse after it failed to release its annual results three months after the end of its financial year, contravening the stock exchange’s rules.
The retail group said in September that its new auditors, who were appointed in January this year, were reassessing its balance sheet.
Yesterday, it said it was still not certain when it would publish the financial statements for the full year to June.
COMMENTS
CHOPPIES BOTSWANA – Mphko family – Former VP of Zimbabwe.
Choppies has been making the news in the last few weeks, with the focus
mainly around the serious shareholding disagreements between the
directors in Zimbabwe. Choppies Enterprises Limited manages and
control 93% on economic interest in Nanavac Investement PTY LTD
which trades as Choppies Supermarket Zimbabwe according to the
media statement released by Choppies. One of the non-executive
directors and shareholder of the Zimbabwean subsidiary has also
accused Choppies of money laundering claims and disputes his
owenership of only 7% but rather said he owned 51% of supermarkets