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Slim's Grupo Sanborns share pricing likely Feb 6-source
MEXICO CITY |
MEXICO CITY Jan 25 (Reuters) - Grupo Sanborns, the cafe and retail chain owned by Mexican tycoon Carlos Slim, is likely to price a planned share offering on the country's stock exchange on Feb. 6, a market source with knowledge of the deal told Reuters on Friday.
Grupo Sanborns, which operates coffee shops, restaurants, department stores and music shops, delisted in 2007 after it was absorbed by parent Grupo Carso.
But two weeks ago the company announced plans to go public again in Mexico, while offering shares to institutional investors abroad.
Grupo Sanborns, which tracks its origins to a small drug store founded in Mexico City in 1903, plans to offer a 15.2 percent stake to raise more than $700 million to help fund expansion, including possible acquisitions.
Late Thursday, the company reported that 2012 profit rose 11.5 percent on stronger sales.
The road show for the offering is expected to start on Friday and shareholders are scheduled to meet on Jan. 29 to vote the proposal to relist.
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