October 26, 2012 / 10:26 PM / 5 years ago

Mexico's Alsea plans $88.4 million public share offering

MONTERREY, Oct 26 (Reuters) - Latin America’s biggest restaurant operator Alsea said on Friday it hopes to proceed with a 1.15 billion peso ($88.5 million) public share offering to refinance debt and fund investments.

Alsea set a November 12 date for the shareholder meeting where it will propose the new stock offering.

“With this new capital, Alsea will look to strengthen its financial structure, facing up to current market conditions ... in order to be prepared for any expansion opportunities,” the company said in statement.

The offering is subject to shareholder and regulatory approval.

Alsea, which operates the Starbucks, Domino’s Pizza and Burger King chains in Mexico, bought the restaurant chain Italianni’s earlier this year for 1.77 billion pesos ($136.2 million).

According to the company’s website, Alsea runs 1,388 cafes and restaurants across Mexico, Argentina, Chile and Colombia as of last month.

Shares in the company ended Friday down 2.31 percent at 20.74 pesos.

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