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Botswana restores Choppies to stock market

BOTSWANA has restored Choppies Enterprises Limited onto the country’s stock exchange.

In September 2018, the Botswana and Johannesburg Stock Exchanges suspended trading of Choppies’ shares pending clarification over the supermarket chain’s failure to release financial results for the year ended June 30, 2018.

In a joint notice to shareholders, Choppies listing agents confirmed the suspension.

“Shareholders are advised that the Botswana Stock Exchange (BSE) and Johannesburg Stock Exchange (JSE) has halted trading in the shares of the company with immediate effect,” read the notice. “The reason for the halt is in order for the company to provide clarification to the market in respect of the announcement released on Friday, 21 September 2018, with regards to the delay in publication of the financial results for the year ended 30 June 2018.”

Choppies’ primary listing is on the Botswana Stock Exchange and its secondary listing is on the Johannesburg Stock Exchange.

The company’s securities will again trade on the Botswana Stock Exchange (BSE) on Monday, July 27 following a decision to lift their suspension.

The company has since published the necessary financial statements, bringing it into compliance with the BSE requirements.

“… 31 December 2018 Reviewed Interim Financial Statements and the Auditor’s Review Report; b) 30 June 2019 AFS and the accompanying Independent Auditor’s Report; and c) 31 December 2019 Reviewed Interim Financial Statements and the Auditor’s Review Report,” read part of the giant retailer’s statement released Saturday.

And Choppies chief executive officer and founder Ram Ottapathu, said the lifting of the stock market suspension paved the way for the company to regain its top position as a retailer in Botswana and reclaim the pride and support of the people.

The multinational grocery and general merchandise retailer headquartered in Gaborone, Botswana, has undertaken aggressive restructuring.

Meanwhile, Choppies interim chairman Uttum Corea said: “We have made major strides in creating a solid foundation for the group to build on and believe this has set the course for a rebirth of the company which offers value for money to its customers in a challenging economic environment.”

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