Farouk Ismail, one of Botswana’s most affluent businessmen, has seen a significant decline in his stake in prominent retailer, Choppies Enterprises Limited, since the start of the year.
Data tracked by Billionaires.Africa reveals that Farouk Ismail’s stake in Choppies has declined by BWP86.9 million ($6.4 million) since Jan. 1. The decline is linked to the sustained decline in Choppies’ shares on the Botswana Stock Exchange.
Choppies Enterprises is Botswana’s largest supermarket chain and one of the biggest retailers in Africa. The group owns a centralized distribution network in South Africa, Zimbabwe, Zambia, and Kenya and sells leading international food brands and its own private-label products.
Choppies has grown from a single store operating under the name “Wayside Supermarket” in Botswana in 1986 into a leading retailer with more than 260 stores in eight countries.
Ismail, a leading businessman who ranks as one of Botswana’s richest men, is the deputy cChairman of Choppies Enterprises. He also owns 14.99 percent of the Gaborone-based retailer, or 271,691,921 shares.
Since the start of the year, Choppies shares on the Botswana Stock Exchange have decreased by 34.78-percent, falling from BWP0.92 ($0.0678) on Jan. 1 to BWP0.60 ($0.0442) at the time of writing, thus leading to substantial financial losses for shareholders, including Ismail, who owns a significant stake in the group.
As a result of the significant double-digit decline in Choppies’ shares, the market value of Ismail’s stake in the retailer has declined by BWP86.9 million ($6.4 million) since the start of the year, falling from BWP249.96 million ($18.4 million) on Jan. 1 to BWP163.01 million ($12.02 million) at the time of writing.
Despite the recent decline, Ismail continues to stand out as a top figure on the Botswana Stock Exchange, retaining his position as one of the country’s richest investors. His influential role in the expansion of Botswana’s real estate sector and the retail sub-sector remains evident.