Moderators Moderator_02 Posted November 8, 2018 Moderators Share Posted November 8, 2018 Quote Peruvian retail giant takes over El Rey Posted on November 7, 2018 in Panama Post Views: 279 Control of El Rey, one of Panama’s leading supermarket chains has passed into the hands of Peru’s top retail giant. The surprise announcement came on Wednesday, November 7 when Rey Holdings Corp. the major shareholder revealed majority shareholder revealed that it has reached an agreement with ” orporación Favorita ” for the sale of a controlling interest in Grupo Rey. The price per share is $8.58 and the acquisition will be executed through a Public Offer of Purchase of Shares in the Panama Stock Exchange, where Corporación Favorita will commit to acquiring at least 60% of the common shares of Grupo Rey. The transaction is estimated to close in January 2019. ” Grupo Rey is very excited to embark on this new stage with a company like Corporación Favorita, which has more than 65 years of experience in the industry and has proven to be a benchmark in the region for its high levels of profitability, sound business principles, integrity, high focus on the welfare of its employees and customers, and the constant search for excellence and efficiency in all its operations, “a company statement. Hernán Muntaner, General Manager of Grupo Rey, said that ” the transaction marks a new milestone in the history of Grupo Rey, and will help us offer customers more and better products, and at competitive prices in Panama .” https://www.newsroompanama.com/news/panama/peruvian-retail-giant-takes-over-el-rey Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted November 9, 2018 Author Moderators Share Posted November 9, 2018 Quote Panama awakens the interest of organizations and foreign companies Thu, 11/08/2018 - 17:38 Panama awakens the interest of different foreign companies and organizations that decided to set up their offices and investments in the country. This is the case of Grupo Rey, which announced in a statement yesterday it has reached an agreement with Corporación Favorita de Ecuador, for the sale of a controlling shareholding of the group. "This transaction marks a new milestone in the history of our Group, and I have no doubt that this new stage will be of great benefit to all," said Hernán Muntaner, CEO Grupo Rey. The transaction will be completed at the end of the first quarter of 2019. Meanwhile, Corporación Favorita said in an official statement that "The purchase will open a range of opportunities to increase local production and export Ecuadorian products and services; this will mean a new source of foreign currency income and the possibility that Ecuadorian talent transcends borders". The Corporación Favorita was founded in 1952 and has been expanded in six Latin American countries through 311 stores in different formats and retail segments in detail, according to corporate information. Also, the UN Refugee Agency (UNHCR) will transfer its office in the Americas to Panama as part of a regionalization process, the Central American country's Foreign Ministry reported today. Panamanian Vice President and Minister of Foreign Affairs, Isabel de Saint Malo de Alvarado, applauded UNHCR's decision to begin the regionalization process and move offices from the Americas to Panama, which, she said, strengthens the Panamanian platform as a regional hub for International organizations. At a meeting with the Panamanian Chancellor, the director of Acnur for the Americas, Renata Dubini, stated that the decision is "totally consistent with the commitment of Panama to the United Nations System, and with the solidarity shown by the country against the promotion of joint solutions to face the global challenge of migrations and refugees". The Panamanian Foreign Ministry stressed that UNHCR's resolution to install its regional office in Panama is in addition included in the initiatives of other agencies to use the facilities offered by the country as a hub to expand its operations. This is the case of the International Committee of the Red Cross whose aim is improving coverage in the Latin American and Caribbean region, according to official information. In turn, and strengthening the intention to transform the country into a hub for various segments, Panama and the Kingdom of the Netherlands will sign next week an agreement sponsored by the European Union (EU) to improve exports of small and Panamanian medium-sized enterprises (SMEs) to the European market, informed an official source. This is the memorandum of understanding for the implementation of the project "Connecting Central America", an initiative of the European Union (EU) and the Center for the Promotion of Imports of Developing Countries (CBI), an agency of the Ministry of Foreign Affairs of the Kingdom of the Netherlands, which seeks to strengthen the capabilities of SMEs in Panama to improve exports to the European market. https://www.panamatoday.com/economy/panama-awakens-interest-organizations-and-foreign-companies-8348 Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted November 9, 2018 Share Posted November 9, 2018 A regional giant arrives in Panama Elisabel Marivit Fermín 08 Nov 2018 - 00: 00h The shareholders that control the Grupo Rey agreed to sell 60% of their shares to the Ecuadorian Corporación Favorita, through a public offering of shares (OPA). It is the most important local transaction in the supermarket business, assuming a value of $ 560.6 million, including the liabilities of the group. With the price of $ 8.58 per share, the Ecuadorian group is offering a premium of 1.5% over the current market value. Yesterday, at the time the agreement was known, Rey Holdings' stock had a value of $ 8.45 on the Panama Stock Exchange. For months the agreement was coming to fruition, which was finalized on November 6. "This is a strategic transaction that seeks to strengthen the position of the company in Panama," Grupo Rey said in response to a questionnaire sent by this newspaper. Once the transaction is perfected in its entirety, the control of the company will pass to Corporación Favorita, who will assume the role of majority shareholder of Rey Holdings, which includes Supermarkets Rey, Romero, Mr. Price, Metro pharmacies and Zaz convenience stores. , in addition to its production and distribution centers. The beginning of the changes The last two years have been a kind of roller coaster for Grupo Rey. In 2017, the supermarket chain had faced dramatic losses, due to failures in its computer systems and a drop in sales, which gave way to changes in the executive level. It was in June of 2017 when the board of directors appointed Hernán Muntaner as general manager and executive president. Muntaner, known colloquially as "the Argentinean", replaced Nicholas Psychoyos, who after 34 years at the helm of the company went on to play a more passive role as member of the board of directors. The mission of Muntaner just arrived at REY was to raise the billing and give more value to a fully positioned brand. In 2018, supermarkets began to show signs of recovery. Sales accumulated to the third quarter of fiscal year 2018 totaled $ 523 million, generating a growth of 10.2% compared to $ 470 million in sales recorded in the same period of the previous year. This growth in sales caused the gross profit to increase by $ 20.5 million, according to the latest report published on the Panama Stock Exchange. In the nine months of fiscal year 2018, completed in June, a net gain of $ 6.1 million was observed, in contrast to the net loss of $ 7.7 million in the same period of fiscal year 2017. This better operating and financial scenario would have helped Grupo Rey to be attractive, with potential and imposing against the purchase appetite of the Ecuadorian group. An Ecuadorian empire in Panama Corporación Favorita, recognized by its supermarket chain SuperMaxi, is an Ecuadorian company founded in 1952 by the Wright family. In 1976 it became the first Ecuadorian company to open its capital to the investing public. Currently, it has 15,348 shareholders, including individuals, legal entities, institutions and foundations. In 2017, it closed the year with a net worth of one thousand 197 million dollars, obtained revenues of $ 2 thousand 433 million and generated a net profit of $ 148 million. It is present in other South American countries through the brands Tatoo (sportswear), Nuá (baby clothes) and Juguetón (toys), in Peru, Paraguay, Colombia, Chile and Costa Rica. In Panama, the total closing of the transaction is scheduled for January 2019. No change of name is expected in the brands of the stores operated by Grupo Rey, and it was learned that Corporación Favorita will seek greater efficiency without sacrificing the human factor. This note was modified at 12:25 p.m. Thursday, November 8, 2018 ... Export of Ecuadorian products 08 Nov 2018 - 00: 00h Corporación Favorita informed its suppliers yesterday that Grupo Rey's purchase transaction was one of the most important in its history of more than 65 years. The acquisition "will consolidate our presence abroad, open new doors and generate multiple benefits for those of us who make this company," the company said in a note. The company told the suppliers that they are facing new opportunities, since the operations in Panama will allow them to increase their local production and export Ecuadorian products and services, especially the industrialized ones. https://impresa.prensa.com/economia/gigante-regional-llega-Panama_0_5163233727.html#.W-WhAxgkonA.twitter Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted November 10, 2018 Author Moderators Share Posted November 10, 2018 Quote Supermarket Chain Sold in Panama In Panama, the owners of Grupo Rey agreed to sell 60% of the shares to Ecuador's Corporacion Favorita, a transaction that could cost $273 million. Thursday, November 8, 2018 The Share Acquisition Public Offer (OPA) launched by Corporacion Favorita was established at $8.58 per share, in which the Ecuadorian group committed to purchase 60% of the issued shares, for which it will acquire approximately 31.8 million shares. According to information provided by Grupo Rey, the agreement between the two companies was concluded on November 6th; however, the agreement had been under preparation for months. You may be interested in "Where are the supermarkets in Central America?" Prensa.com reports that "... Once the transaction is fully completed, control of the company will transfer to Corporacion Favorita, which will assume the role of majority shareholder of Rey Holdings, which includes Supermercados Rey, Romero, Mr. Precio, Metro pharmacies and Zaz convenience stores, as well as its production and distribution centers." Add the article that "... The last two years have been a kind of roller coaster for Grupo Rey. In 2017, the supermarket chain had suffered dramatic losses because of computer system failures and a drop-in sale, which led to changes in the executive team." https://www.centralamericadata.com/en/article/main/Supermarket_Chain_Sold_in_Panama Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted January 29, 2019 Author Moderators Share Posted January 29, 2019 Quote Supermarket Chain Sale Confirmed In Panama, Grupo Rey owners agreed to sell 73% of the company's shares to Ecuador's Corporación Favorita. Thursday, January 24, 2019 At the beginning of November 2018, Grupo Rey was reported to have disposed of the sale of 60% of the shares to Corporación Favorita, a transaction that at that time was estimated could close at $273 million. However, according to the latest negotiations, the percentage of shares to be purchased by the Ecuadorian business group will be higher than initially announced, as they will acquire 73%. You may be interested in “Where are the supermarkets in Central America?” Prensa.com reviews that "... With this acquisition, the current shareholders of Grupo Rey are left with the remaining 27% of the shares. Until now, the total value of the transaction is unknown. The result will not be known until the public offer of shares (OPA) is closed, which is expected to culminate in two or three days." The article adds that "... Once the transaction is completed in its entirety, control of the company will pass to Corporación Favorita, which will assume the role of majority shareholder of Rey Holdings, which includes Supermercados Rey, Romero, Mr. Precio, Metro pharmacies and Zaz convenience stores, in addition to its production and distribution centers." Payment for the shares shall be made within ten business days following the completion date of the offer. https://www.centralamericadata.com/en/article/main/Supermarket_Chain_Sale_Confirmed Quote Link to comment Share on other sites More sharing options...
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