Choppies Enterprises’ share price increased by 4% shortly after it listed on the main board of the JSE.

Choppies — now the fourth African company to have an inward secondary listing on the JSE — listed about 277-million ordinary shares in the food retailers and wholesalers sector at R4.90 per share.

This had risen to R5.10 shortly after 9am.

Group CEO Ramachandran Ottapathu said his company offered a "compelling investment case thanks to its growth trajectory and cash-rich business".

"Our proven business model‚ knowledge of the market and exciting economic fundamentals clearly show Choppies is ideally placed to grow its market share across Africa as shoppers turn to branded convenience in ever-growing numbers‚" Mr Ottapathu said.

The company said it hoped to almost double its presence to 200 stores in five countries by the end of next year. It has 125 stores in three countries at present.

Since listing on the Botswana Stock Exchange in 2012‚ Choppies has maintained a dividend:payout ratio of more than 30%.

RDM News Wire