MEXICO CITY Jan 29 Mexican tycoon Carlos Slim is planning to price a share offering of his cafe and retail chain Sanborns on Feb. 7, according to documents posted by the company on Mexico's stock exchange on Tuesday.
Slim's Sanborns is aiming to raise about $1 billion from the sale of an 18.1 percent stake, including the greenshoe overallotment. Sanborns began a roadshow for investors last Friday.
On Tuesday, Sanborns shareholders approved the share offering and named a board for the retailer, the documents showed. Slim's conglomerate Grupo Carso currently holds almost all of Sanborns shares.
Slim, ranked by Forbes as the world's richest man, controls a business empire that includes Latin America's biggest telecommunications company, America Movil, as well as banking, construction, real estate and mining companies.
The Sanborn offering is open to domestic and international investors, and proceeds will be used to fund expansion plans, including possible acquisitions. Credit Suisse, Morgan Stanley and Citi are the bookrunners.