Choppies has announced that the company will dispose of its operations in Mozambique, Tanzania and Kenya, halving its footprint to just four countries.
The group will continue operating in Botswana, Zimbabwe, Zambia and Namibia.
Negotiations to sell the Tanzanian subsidiary are at an advanced stage, while the board have also taken a decision to downscale its operations in Kenya and dispose of the stores to the local operators.
Choppies saw its shares plunge by more than 60% last September after announcing a delay to the publication of its financial statements.
The results were delayed after auditors raised concerns with the board about accounting practices for the year ended June 30, 2018 and prior years.
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