Choppies to Keep Standard Chartered as Investor After Offer
This article is for subscribers only.
Choppies, a Botswanan supermarket chain, will retain Standard Chartered Plc as an investor after a 1.37 billion rand ($114 million) share sale ahead of a secondary listing in Johannesburg later this month.
The London-based bank isn’t selling stock and will own about 12 percent of the grocer, while management will hold 35 percent, Choppies Chief Executive Officer Ramachandran Ottapathu said by phone on Monday. Standard Chartered may even increase its position, Ottapathu said. The lender bought a 13 percent stake in the retailer in December 2013 for an undisclosed amount.