August 25, 2017 / 3:47 PM / 4 months ago

Chile's Cencosud to sell $1 bln in assets to cut debt, spur growth

SANTIAGO, Aug 25 (Reuters) - Chile’s Cencosud SA, one of Latin America’s largest retailers, plans to sell up to $1 billion in non-strategic assets in the next 12-18 months to cut debt and accelerate growth, the company said in a Friday letter to the country’s market regulator.

That comes after second quarter results, released on Thursday, showed a net profit below market expectations. Cencosud shares on the Santiago bourse reversed earlier losses on Friday after the asset sale announcement, trading up 0.17 percent at 1,915 pesos as of 12:43 p.m. local time (1543 GMT). (Reporting by Felipe Iturrieta; Writing by Luc Cohen)

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