Holders to vote on Sanborns share offering on Jan. 29
MEXICO CITY Jan 11 (Reuters) - Grupo Sanborns, the retail arm of the empire of world's richest man Carlos Slim, said on Friday its shareholders will vote Jan. 29 on the company's plan to go public in Mexico again and offer shares to institutional investors abroad.
Grupo Sanborns, a unit of conglomerate Grupo Carso , said on Thursday it plans to offer a 15.2 percent stake, raising around $720 million, to fund expansion plans, including possible acquisitions.
The company will split the up to 350 million share offering equally between domestic and international investors.
Grupo Sanborns, which operates coffee shops and its name-sake restaurant and retail chain selling anything from flashy ties to ornaments and flatscreen TVs, delisted from the Mexican stock exchange in 2006 after Grupo Carso absorbed it.
In 2010, the retailer flirted with the idea of opening a branch in Manhattan but the plan never panned out.
Grupo Sanborns shareholders will also vote on a share split at the extraordinary meeting later this month but the ratio was not stated.