The Johannesburg Stock Exchange today welcomes the debut of Botswana-based grocery retailer, Choppies Enterprises Limited (Choppies) to the Main Board. Choppies listed on the JSE’s Main Board in the Food Retailers and Wholesalers sector and is the sixth listing on the exchange this year.
With its primary listing on the Botswana Stock Exchange, Choppies boasts a wide FMCG portfolio, including its own private label products and leading international food brands. As a fast growing retailer on the continent, Choppies’ secondary listing on the JSE is intended to assist the company with access to capital needed to support its organic and acquisitive growth as well as establish its presence and public profile in strategic markets in Southern and East African markets.
The Group is currently the top supermarket chain in Botswana, holding significant market share of the overall national food retail market. Choppies currently operates 125 retail outlets in Southern Africa, comprising 72 stores in Botswana, 35 stores in South Africa and 18 stores in Zimbabwe. Through the listing, Choppies intends to increase its footprint in South Africa, Zimbabwe, Kenya, Namibia, Tanzania and Zambia.
Donna Oosthuyse, head of JSE Capital markets comments: “The JSE congratulates Choppies on its secondary listing on the JSE and for being the second Botswana Company to list on our exchange.”
Choppies CEO, Ramachandran Ottapathu says, “We welcome our new shareholders to Choppies and are delighted that our listing on the JSE has led to a broader shareholding in our company. Choppies offers a compelling investment case thanks to its growth trajectory and cash rich business. Our proven business model, knowledge of the market and exciting economic fundamentals clearly show Choppies is ideally placed to grow its market share across Africa as shoppers turn to branded convenience in ever-growing numbers.”