Stake of Botswana tycoon Farouk Ismail in Choppies, Far Property now worth $38.74 million

The total shareholding of one of Botswana’s wealthiest businessmen, Farouk Ismail, in the leading retailer Choppies Enterprises Limited and the Far Property Company is now worth $38.74 million.

The multimillionaire has played an influential role in the growth and development of Botswana’s real estate sector and the retail sub-sector, which remains fragmented and dominated by informal market participants.

He co-founded Choppies Enterprises with Ramachandran Ottapathu in 1986. Since then, the company has grown into the largest supermarket chain in Botswana, with more than 260 stores in eight African countries.

Despite the competition from industry leaders like Shoprite and Spar, the group owns a centralized distribution network in South Africa, Zimbabwe, Zambia and Kenya. It sells leading international food brands and private-label products.

As of July 8, the retailer’s market capitalization was $71.61 million (BWP782.18 million). Ismail owns a 15.3-percent stake in the company, making him one of its leading shareholders.

His equity stake in Choppies, which amounts to 199,939,929 ordinary shares, is valued at $10.98 million.

In addition, Ismail is the largest shareholder in the Far Property Company, a property investment company with a diversified portfolio of retail, commercial, industrial and residential properties in Botswana, South Africa and Zambia.

The market capitalization of all the company’s issued ordinary shares is $95.68 million (BWP1.045 billion).

While Ismail’s 29.01-percent stake in Far Property is valued at $27.76 million, the total market value of his equity positions in these Botswana-based companies is assessed at $38.74 million, making him one of the richest investors on the Botswana bourse.