Standard Chartered Private Equity (Mauritius) III Limited, a private equity firm, has acquired a stake in Botswana’s largest retail group Choppies.
Choppies announced to stakeholders on Wednesday that the private equity firm has bought shares in the group.
“Shareholders are advised that on 18 December 2013, Standard Chartered Private Equity (Mauritius) III Limited acquired 150,000,000 ordinary shares, representing 12.77% of the issued shares of the Company, in an off market transaction,” said Choppies’ chief executive officer, Ramachandran Ottapathu.
Choppies’ footprint in Botswana is at 63 stores and while 13 outlets are in South Africa.
Under the financial year 2012/2013, Choppies opened 8 stores in Botswana and 2 in South Africa, as of 30 June, 2013.
Choppies, Botswana’s largest retail group listed on BSE in 2011 through an initial public listing (IPO), has mooted expansions into other sub Saharan African countries expected to yield positive results in the near future.
Last year, the company announced plans to expand into Zimbabwe, following its entry into South Africa three years ago.
The development came after Zimbabwean business mogul Raji Modi has sold off his entire stake in Sai Enterprises (Pvt) Ltd., paving the way for the entry into the Zimbabwe retail sector for Choppies.
Choppies is chaired by the country’s former President, Festus Mogae.