Choppies escape new tougher penalties

Troubled retail chain supermarket, Choppies will for now escape tougher penalties that came into effect at the beginning of the month.

The under-fire store has still not published it financial results, due at the end of last September – a misdemeanor that resulted in Choppies’ suspension from the stock market.

According to the new listing requirements, a company that fails to publish its financial statements will be put on a Default Board.

In addition, companies that violate the revamped rules will attract a daily fine of P500.

Botswana Stock Exchange Limited (BSEL) has also increased the maximum fine to P150, 000.

However, the newly introduced regulations state that listed companies with securities already suspended from trading shall not be charged the penalty.

This effectively means Choppies will escape the penalty as trading of its shares has been suspended on both BSEL and Johannesburg Stock Exchange (JSE), where it is secondary listed, since November.

 

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