Choppies results not chop chop
Botswana-based food retailer’s shares tumble 85% as it delays financials
Choppies’ share price fell as much as 85% on Tuesday morning after the Botswana-based food retailer said it would miss a deadline to publish its financial results for the year to June. Choppies expanded its footprint in SA in 2015 and competes with the likes of Shoprite and Boxer. The Johannesburg-and Botswana-listed company had 71 stores in SA in 2017, making the country its second-largest market after Botswana. It also operates in Kenya, Zambia and Zimbabwe. The group, which is reportedly in a dispute about its shareholding structure in Zimbabwe, said "a number of matters requiring the attention of the board and management, which may impact materially on the results, are being considered. "The possible reporting impacts of these matters have not yet been finally and fully determined," the company said in a statement, adding it would miss the reporting deadline of September 30 2018.
The group said its profit after tax would fall by at least 20%, though it could not yet quanti...