Colombia’s largest retailer, Almacenes Exito SA, raised COP435 billion (US$218 million) by selling new shares, the company said in a filing to the local market regulator.
The company raised COP217 billion in the first round of the share sale in early November and sold the remainder at the end of last month, the company said.
In October, Exito offered 30 million shares to existing shareholders at COP14,500 each. The company has now sold the entire amount, and will use the proceeds of the share sale to buy the 22.5% it does not yet own in the Colombian retailer Carulla Vivero SA.
Exito acquired a controlling stake in Carulla in 2007 and said it will buy the shares outstanding by March 2010.
Exito, which is controlled by French retailer Casino Guichard-Perrachon SA, will buy the 22.5% stake in Carulla for US$222 million, financed half in cash and half in 14.3 million new shares issued to the minority holders.
Exito’s shares closed up 2.69% on Thursday at COP19,100.
Casino lowered its stake in Exito to 54.8% from 61.2% after Exito’s capital increase.
