February 8, 2013 / 6:00 AM / 5 years ago

UPDATE 1-Slim's Mexican retailer Sanborns prices stock issue at 28 pesos/share

MEXICO CITY, Feb 7 (Reuters) - 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.

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