Choppies comes to Zimbabwe

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GABORONE — Botswana Stock Exchange-listed retail group Choppies Enterprises yesterday announced the acquisition of 49% of an unnamed Zimbabwean supermarket chain comprising 10 stores.

The cost of acquisition is less than 5% of the company’s market capitalisation of $424,2 million.

This would be equivalent to at most $21,2 million.

The settlement of the consideration would be done over a period of time as the takeover of the stores progresses.

— African Alliance

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