The Brazilian subsidiary of Groupe Casino, Companhia Brasileira de Distribuição (GPA), has received the approval granted by Sendas Distribuidora S.A. (Assaí) in the Novo Mercado segment of B3 SA – Brazil, Bolsa, Balcão.
It also has approval to list Assaí's American Depositary Securities (ADSs) on the New York Stock Exchange.
Trading in Assaí shares and ADS will begin on March 1, 2021.
These listings are made as part of previously announced transactions reorganize and outsource certain GPA assets, the retailer added.
Assaí shares, currently 100% owned by GPA, will be distributed to GPA shareholders at the ratio of one Assaí share per GPA share.
After the listing of Assaí, the Casino Group, which currently holds a 41.3% stake in GPA, would have a 41.3% stake in GPA and an equal stake in Assaí, Casino said in a statement.
Assaí focuses its activities exclusively on cash and carry in Brazil, while GPA focuses on other food retail formats through several banners in Brazil and its Colombian subsidiary Exito, in which GPA has a 96.6% stake.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. click subscribe to to register with ESM: The European Supermarket Magazine.