MEXICO CITY Feb 7 Grupo Sanborns, the Mexican
cafe and retail chain owned by billionaire Carlos Slim, has set
the price for a stock issue it hopes will generate just under $1
billion at 28 pesos per share, the company said in a statement.
Sanborns said in a stock exchange filing late on Thursday
that it expects to generate up to 12.1 billion pesos ($951
million) globally through the stock issue.
The company did not say what the money would be used for.
The price was at the lower end of the expectations. The
prospectus had a range of 27-32 pesos ($2.12-$2.51) per share.
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.
Slim's conglomerate Grupo Carso currently
holds almost all the shares in Sanborns.
Sanborns de-listed in 2007 after being incorporated into
Grupo Carso, but the company recently announced plans to relist
and offer shares to institutional buyers abroad.