October 16, 2018 / 3:22 PM / a month ago

Botswana's bourse threatens to delist Choppies over results delay

GABORONE, Oct 16 (Reuters) - Botswana’s stock exchange said on Tuesday it could terminate Choppies Enterprises’ listing over the failure by the budget retailer to publish financial results on time.

Choppies, which operates in eight African countries, had failed to release its annual results for the year to the end of June within three months of a period stipulated by the bourse.

“Shareholders are therefore cautioned that Choppies shares are under threat of suspension and possible termination,” the Botswana Stock Exchange Limited (BSEL) said in a statement.

Choppies could not be reached for comment on Tuesday.

In September, Choppies said the delay was due to its new auditors’ reassessment of the company’s balance sheet.

The firm said it appointed new external auditors in January 2018 who have since raised questions with a number of the company’s past accounting practices and policies including valuation of inventory, impairments on property, plant equipment and value of acquisitions by its South African subsidiary. ($1 = 14.2329 rand) (Editing by James Macharia)

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