Grupo On line casino broadcasts the sale of a part of its exercise in Brazil

The company hopes to raise around US$ 500 million with a stake in Assaí

The French group Casino announced this Monday (28) the start of the sale of a portion of its stake in the Brazilian company Assaí, with which it hopes to raise almost US$ 500 million to “accelerate the reduction of its debt”.

Casino informed in a press release that it will sell 140.8 million shares, that is, 10.4% of the capital of this company specialized in wholesale sales and which is listed on the São Paulo and New York stock exchanges.

The group reserves the possibility of selling a maximum of 49.5 million additional shares (3.7% of Assaí’s capital), including in the form of shares redeemable in the United States.

On Friday, Assaí’s share price closed at R$19.21 on the São Paulo Stock Exchange.

The group has faced financial difficulties for several years. In 2020, the Paris Commercial Court validated a safeguard plan for Casino’s parent company, Rallye, and its holdings.

The plan provided for reimbursement of creditors through the payment of dividends by Casino, as well as the sale of assets.

Source: Leaf