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Botswana Retailer Choppies to Buy 10 Ukwala Stores

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Botswana Retailer Choppies to Buy 10 Ukwala Stores 38 LOCAL THE STAR Tuesday, June 2, 2015 ★ UP TO DATE, ACCURATE BUSINESS INFORMATION business NEWS YOU CAN USE, EVERY DAY Can YOU outsmart Botswana retailer the expert? Choppies to buy ALY KHAN’S STAR 10 Ukwala stores PORTFOLIO Photo/ FILE EYES ON OPEC BUT OUTPUT CUT UNLIKELY yszard Kapuścinński Now the question is this recov- in his wonderful book ery in the price for real? or is it a Shah of Shahs, which is ‘dead-cat’ bounce? written in a reportage According to Goldman Sachs, style and is about the the world is pumping about 1.9 Rtoppling of the Shah, said this million barrels more crude a day of oil: “Oil creates the illusion of more than it needs. Organisation a completely changed life, life of Petroleum Exporting Countries without work, life for free. Oil is will meet in Vienna this week and a resource that anaesthetises to maintain the bullish price ac- thought, blurs vision, corrupts.” tion, then OPEC is going to have ‘’Oil kindles extraordinary to cut production. This is not FOR SALE: Ukwala owners to sell outlets to Botswana firm after failed buyout bid by rival Tuskys. emotions and hopes, since oil is going to happen. above all a great temptation. It is Last month, Bloomberg BY RICHARD MUNGAI and its stated target of operat- tive trade practices that would the temptation of ease, wealth, informed us that a sudden ing over 200 stores across at hurt consumers and competi- strength, fortune, power. It is a surge in demand for supertank- BOTSWANA-based retailer least six countries by Decem- tors. filthy, foul-smelling liquid that ers drove benchmark charter Choppies has signed a $10 ber 2016,” it said in a note “We expect the parties (Uk- squirts obligingly up into the rates 57 per cent higher in the million(Sh997.8 million) deal published on the JSE website wala and Choppies) to present air and falls back to earth as a two weeks through May 20. with local supermarket chain where it is listed. Choppies is their application, including the rustling shower of money. Daily rates for supertankers on Ukwala for the purchase of 10 also listed in the Botswana request and mandatory accom- To discover and possess the the industry’s benchmark route of its stores. Stock Exchange. panying documents, which In a notice to investors pub- The new !rm will be oper- will inform our position on source of oil is to feel as if, after reached $83,412 on May 20, from lished by the Johannesburg ated as a joint venture with the sale,” CAK director general wandering long underground, $52,987 on May 6, according to Stock Exchange, Choppies said the promoters of Export Trad- Francis Wangombe told the you have suddenly stumbled the Baltic Exchange in London. it has signed a conditional deal ing Group which according Star yesterday. upon royal treasure. Not only do While rates have since then with Ukwala Supermarkets, to Choppies, will get a 25 per Choppies started its opera- you become rich, but you are retreated to $65,784, they’re for acquisition of 75 per cent cent stake. tions in 1986 in a Botswana also visited by the mystical con- still the highest for this time of stake in the company through "The transaction provides town called Lobatse. viction that some higher power year since at least 2008. What its subsidiary Choppies Super- the company with an imme- It has since expanded into has looked upon you with the this tells us is that investors are market Kenya. diate footprint of established South Africa and Zimbabwe. eye of grace and magnanimously holding oil at sea in the expecta- The stores will trade as stores and a platform from It is also in plans to venture elevated you above others, elect- tion that prices will rise. There Choppies Ukwala supermar- which to grow in Kenya," into Tanzania in the short ing you its favourite’’ are simply millions of barrels kets, the !rm said. The deal is Choppies said. term. You have to admit that expec- of oil out on the open sea. This subject to regulatory approval Three of the targeted Uk- Choppies is the latest in- tations had run ahead of them- represents a massive risk to the by the Competition Authority wala stores are in Nairobi, two ternational retailer with an selves big time a little while back. price. If prices retreat, you might of Kenya. in Nakuru and !ve in Kisumu, interest in Kenya. Last week, The buyout of Ukwala said the !rm. South Africa's Mass Mart Expectations were off the charts see a massive liquidation. On comes few months after a Ukwala's plan to sell some of opened its !rst Game Store in and sky-high but the oil price the bullish side, it is clear China failed takeover bid by local re- its stores in Nairobi to Tuskys the country ending a 10-year then crashed and burned from has been snaffling up supplies at tailer Tuskys. was rejected by the Competi- wait. Giant retail chains are above $100 a barrel to a low in lower prices. “The Transaction is in line tion Authority of Kenya on eyeing Kenya due to its fast New York of $44 a barrel. All eyes will turn on OPEC with the company’s strategy grounds that the transaction growing retail industry driven WTI [West Texas Intermediate] this week but I expect produc- of expanding into new mar- was done secretly and the sale by a larger middle class with crude closed Friday just above tion and quota levels to remain kets in sub-Saharan Africa would have introduced restric- increased spending power. $60, marking a stupendous unchanged. OPEC has conceded +36.36 per cent rebound from its swing producer role to the the January lows. The volatility in US (who essentially and with the crude oil markets is nothing subtlety tipped the crude oil Kenya in bid to woo Italian tourists short of remarkable. market into surplus via shale oil In a positive move for East Afri- production]. BY STAR REPORTER important for Kenya's tourism tractions and offers by various can oil industry, Helios which had So yes I think it is a ‘dead-cat’ industry recovery. local tour !rms. recently bagged some chunky bounce and I expect the price of KENYA has embarked on In the month long mar- According to a statement by tourism marketing campaigns ket campaign in the Euro- the Tourism ministry, Kandie gains in Equity Group, spent WTI crude oil which was trading in Italy which will culminate pean country, Kenya Tourism will use the opportunity to $100m on snaffling up a a 12.37 at $60 a barrel as I write this to in the opening of a 'Kenya Board, the country's destina- meet with over 50 Italian per cent stake in Africa Oil. Africa head back to $50 and there is a House' in Milan next week to tion marketing agency will travel operators and trade Oil is an East African pure play reasonable chance we will still showcase the country's attrac- also launch an Italian version players about the challenges and hence a good barometer. print fresh 2015 lows below $44. tions and leisure products. of its website www.magi- Kenya faces as a leading tour- Tourism Cabinet secretary calkenya.com. ist destination in Africa for Readers are advised that this column represents Mr Satchu’s personal opinions. Phylis Kandie said the Italian Kenya House will be used safari and beach tourism and market is big and hence very to showcase the country's at- assure them of visitors safety..
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