Choppies: Where is the business now & what does the future hold?

Choppies, the Botswana-based supermarket chain, finds itself at a crossroads as it navigates through a legal dispute with their auditors PwC. The retailer is currently embroiled in a court case where two shareholders are suing PwC for approximately 653 million rand. While the legal battle unfolds, Choppies has been focusing on rebuilding its business after being suspended from the Gaborone Stock Exchange and the Johannesburg Stock Exchange. CNBC Africa sat down with Choppies' CEO, Ramachandran Ottapathu, to discuss the company's current status and its future prospects. Ottapathu expressed gratitude for the understanding that the legal matter is sub judice and refrained from commenting on it. He mentioned that despite facing challenges due to the ongoing COVID-19 pandemic, the company remains operational with operations in Botswana, Zimbabwe, Zambia, and Namibia. Ottapathu highlighted that Botswana has shown promising signs of recovery, with a significant drop in revenue during the full lockdown period gradually stabilizing as restrictions eased. In terms of future plans, Ottapathu emphasized a strategic focus on the four existing countries where Choppies operates, with a new board and strategy in place to drive growth. The CEO dismissed rumors of exiting the South African market but acknowledged positive performance in Zambia and Zimbabwe, despite currency challenges in the latter. When questioned about the possibility of returning to South Africa, Ottapathu stated that it is not part of their current strategy, leaving the decision to the board. In regards to the stock exchanges, Ottapathu revealed that the suspension on Choppies' shares has already been lifted, with ongoing communication with the Johannesburg Stock Exchange to assess their standing. The company remains optimistic about its future prospects and is focused on steady growth in its current markets.