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Raji Modi buys back 20% stake in Choppies

by Staff Reporter
10 Jan 2014 at 09:23hrs | Views
BULAWAYO-BASED business mogul Raji Modi has brought back a 20% stake in Choppies Zimbabwe barely six months after selling off his entire Sai Enterprises (Pvt) Ltd business to Botswana's largest retail outlet.

Sources close to the development said Modi, who is Choppies Zimbabwe managing director, bought the 20% stake in a recent transaction which was part of the initial deal that saw him off-load his entire stake in October last year.

Contacted for a comment, Modi confirmed the latest development but was quick to state that Choppies remained the majority shareholder in the business. He could not be drawn into disclosing the value of the transaction.

"We are in a deal with Choppies and Choppies is holding 80% of the business," he said.

Last year Modi sold his entire business to Nanavac Investment (Pvt) Ltd in which Botswana Stock Exchange-listed Choppies had a 49% stake while local entrepreneur Siqokoqela Mphoko held 51%.

The deal was said to have been signed in compliance with the country's indigenisation law.

Modi's former empire comprised 10 branches, among them flagship, Bellevue SPAR, Nkulumane SPAR, Entumbane SPAR, City SPAR and Down Town SPAR.

Source - Southern Eye

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