Mphoko pockets US$3 million to exit Choppies

Former Vice-President Phelekezela Mphoko and his son Siqokoqela have sold their shares in Choppies Supermarkets Zimbabwe for US$2,9 million, the company has announced.

In a notice to shareholders, Botswana-headquartered Choppies said before the transaction, it held “93% of the economic interest and 49% of the equity while the Mphokos held a 7% economic interest and 51% of the equity” in Nanavac Investments, trading as Choppies Zimbabwe.

“Following completion of the Nanavac transaction, Choppies now holds 100% of the economic interest and equity in Nanavac Investments,” Choppies said in the May 21 notice to shareholders, although the transaction is said to have been completed on January 11 this year.

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