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Botswanan retailer Choppies Enterprises has confirmed exit from its Choppies Supermarket Kenya and Tanzania.
In an announcement through the Botswana Stock Exchange on Friday, it will sale its Mozambique, Tanzania and Kenya outlets.
“Negotiations to sell the Tanzanian subsidiary are at an advanced stage, while the boards have also taken a decision to downscale its operations in Kenya and dispose of the stores to the local operators,” it said in a statement.
“Impairments will be required with respect to Kenya in the financial year ending June 30, 2019 for KSh1.6 billion,” said Choppies.
“The group has decided to downscale the business in Kenya region by reducing the number stores to nine from 15. Offers are already in place for two stores and initial discussions are happening for the other stores. This decision has been taken due to the ongoing distressed business in Kenya region.”
It will be left with four operations in Botswana, Zimbabwe, Zambia and Namibia.
The retailer is dually-listed on the BSE and JSE. However, its shares remain suspended on both bourses since November 1, 2018.
