SHOPRITE CENSURED FOR BREACH OF STOCK MARKET RULES

Shoprite Holdings and Shoprite Checkers have been ordered to remedy its breach of the stock market rules within 14 days.

The order is from the Lusaka Stock Exchange board, which has found the South African origin supermarket chain of stores holding company, of having discriminated against its local minority shareholders.

The multi-nationals, which in Zambia operate shoprite supermarket stores, is alleged to have refused to honour dividend payments to its shareholders, with stock listed on the Lusaka Stock Exchange.

This is for the period September 2011 to April 2012.

Shoprite Holdings and Shoprite Checkers have contended, that the respective stocks floated on the Lusaka Stock Exchange through its agent as well as transfer secretary, Lewis Nathan, were traded at a price lower that its preferred price.

But the Lusaka Stock Exchange listing committee, during its meeting of 16^th May 2012, ruled that Shoprite Checkers breached the listing rules, in denying payments for shareholders with its stocks listed on the Lusaka Stock Exchange.