Farouk Ismail, one of Botswana’s most affluent businessmen, has recently experienced a substantial financial loss amounting to millions of dollars from his stake in renowned retail conglomerate Choppies Enterprises Limited.
Data tracked by Billionaires.Africa revealed that Ismail’s stake in Choppies has declined by BWP40.8 million ($3.01 million) since Jan. 1. This 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 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 among Botswana’s richest men, is the deputy chairman 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 declined significantly by more than 23 percent, falling from BWP0.65 ($0.048) on Jan. 1 to BWP0.50 ($0.04) 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 BWP40.8 million ($3.01 million) since the start of the year.
This has caused the market value of his stake in the retailer to slump from BWP176.59 million ($13.05 million) on Jan. 1 to BWP135.85 million ($10.04 million) at the time of writing.
