Dia to exit Brazil after selling all its stores for 'symbolic' 100 euros
May 31 (Reuters) -Spanish retailer group Dia DIDA.MC said on Friday it agreed to sell its business in Brazil for a "symbolic price" of 100 euros ($108.19) and exit the country to focus on more profitable markets such as Spain and Argentina.
Brazilian asset manager MAM, which belongs to Banco Master, will buy the supermarket chain in Brazil, Dia said in a filing to the Spanish stock market regulator.
The Spanish company committed to transfer 39 million euros to its Brazilian unit before the sale.
The sale will prompt Dia to book a 101 million euro impairment, it said in the filing.
Dia had said in March it would close more than 300 stores and three warehouses in Brazil following negative results last year.
The company is selling assets to reduce its net financial debt. It said last year it would leave Portugal, where it had around 500 supermarkets.
($1 = 0.9243 euros)
Reporting by Matteo Allievi, editing by Inti Landauro and Jason Neely
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
