Choppies has ditched Stockbrokers Botswana as its main sponsor on the Botswana Stock Exchange (BSE). A sponsor is responsible for all interactions between a listed company and the exchange.
"In line with the Listing Requirements of the Botswana Stock Exchange (BSE), the Board of Directors of Choppies hereby notifies its shareholders and the public of the appointment of Motswedi Securities (Pty) Ltd, replacing Stockbrokers Botswana Limited, as its new BSE Sponsor," Choppies told shareholders.
Two weeks ago, BSE suspended Stockbrokers Botswana from executing clients' orders on the bourse, citing non-compliance with the BSE's rules. The suspension is effective from 1 July and will be for three months.
In a statement, the BSE stated that at the end of the three months, it will review the suspension and communicate a course of action.