Choppies sorts out shareholder dispute in Zimbabwe
Settlement ends wrangle between politician and retailer, but market still in the dark over delayed results
Botswana- and JSE-listed retail group Choppies says it has resolved its dispute with Zimbabwe’s former second vice-president Phelekezela Mphoko and his son Siqokoqela Mphoko after they “disinvested” from its Zimbabwean operation. The dispute arose when the Mphokos and Choppies, which operates 212 stores in SA, Botswana, Zambia, Kenya, Mozambique and Zimbabwe, fell out over the size of their holding in Nanavac Investments, a Choppies subsidiary in Zimbabwe. The Mphokos said they were 51% shareholders but Choppies claimed they only had a 7% stake, according to several reports. The matter was taken to the Zimbabwean high court but was resolved out of court. No details of the settlement were given, other than both parties saying in a joint statement that they “have amicably resolved and settled all issues, matters, cases and disputes”. Although Choppies said its shareholder disagreement was resolved, it once again did not give an explanation for why it had not published its results for ...
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