Choppies resumes trade on JSE after suspension

The Johannesburg Stock Exchange

The Johannesburg Stock Exchange (JSE) building in Sandton. It has operated as a market place for the trading of financial products for nearly 125 years.

JOHANNESBURG - After two years of being suspended by the Johannesburg Stock Exchange, Choppies is back on the trading board.

The Botswana-based discount retailer was suspended from the JSE in November 2018 after it delayed the release of its financials. 

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The company says following extensive engagement with the JSE, the exchange has agreed to lift the suspension of the company’s shares.

Trading resumed on Friday.

However, Choppies is struggling to recover from legal and accounting scandals related to stocktaking at its SA-owned stores at the time, as well as its Zimbabwe businesses.

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And an investigation by an EY forensic team has uncovered accounting irregularities.

Apart from recovering its reputation, the retailer also has to grapple with losses it's suffered due to COVID-19.

Source
eNCA

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