CORRECTED-StanChart private equity arm takes stake in Botswana grocer
(Corrects Tuesday story to show size of stake is worth nearly $60 mln, not $6 mln)
JOHANNESBURG Jan 14 (Reuters) - Standard Chartered said on Tuesday its private equity arm has taken a 13 percent stake in Botswana-listed supermarket chain Choppies Enterprises , the latest private equity deal to target African consumers.
London-listed Standard Chartered did not disclose the acquisition price, but Choppies has a market value of $456 million, according to Thomson Reuters data, which would make the stake worth nearly $60 million.
Fast-growing Africa is increasingly seen as fertile ground for private equity firms, given rapid economic growth and rising consumer spending.
Sub-Saharan capital markets are largely illiquid, apart from a few major centres such as Johannesburg and Nairobi, making private equity one of the few vehicles for investing in African companies.
Choppies, the largest retailer in diamond-producing Botswana, operates more than 100 supermarkets and has operations in South Africa and Zimbabwe.
In 2012 Standard Chartered increased its private equity stake in pan-African agribusiness Export Trading Group, in which U.S. buyout firm Carlyle Group LP is also an investor. (Reporting by David Dolan; Editing by Ed Stoddard)
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