Tycoon Slim's retailer Sanborns posts 2012 results ahead of listing
MEXICO CITY Jan 24 (Reuters) - Grupo Sanborns, the cafe and retail chain owned by billionaire Carlos Slim that plans to relist in the local stock market, reported on Thursday an 11.5 percent rise in 2012 profit, driven by stronger sales.
The company, a unit of conglomerate Grupo Carso, earned nearly 3 billion pesos ($233 million) last year, up from 2.7 billion pesos in 2011.
Sales last year rose 8.2 percent to 39.41 billion pesos ($3.1 billion).
Grupo Sanborns, which tracks its origins to a small drug store founded in Mexico City in 1903, is expected to launch a roadshow for its planned relisting on the Mexican stock exchange on Friday, according to an official close to the deal.
The company seeks to raise some $720 million by offering up to 350 million shares to domestic and international investors. Proceeds will be used to fund expansion plans, including possible acquisitions.
Grupo Sanborns, which operates coffee shops, restaurants, department and music stores, delisted in 2007 after it was absorbed by Grupo Carso.
- Alumnus shot dead after wounding three at Florida State University |
- Pope to raffle gifts given to him to raise money for the poor
- Naked outdoor protest over SeaWorld float in NY's Thanksgiving parade
- Exclusive: U.S. to allow people from nations hit by Ebola to stay temporarily
- Obama unveils U.S. immigration reform, setting up fight with Republicans |