Thursday , September 29 2022

Corporación Favorita expands its business to Panama and buys part of its corporate Grupo Rey


Ecuador company The Favorite Company to gain control of shareholding. King Group, leading commercial chain PanamaSupermarkets, pharmacies and markets owner, Ecuadorian group on November 7, 2018 announced on Wednesday.

Price for action action The amount of USD 8.58, which is subject to withholding tax and final adjustments related to such transaction, is reported in a press release published on the holding company website.

Purchasing, a General Procurement of Stocks The Company is located in the Stock Exchange Exchange (OPA)
Favorita will undertake to obtain at least 60% of the total shares issued and distributed by Grupo Rey.

The terms and conditions of OPA will be communicated to all by Corporación Favorita in detail. Shareholders of the Company At the end of this year, the company signed the company after meeting certain agreed conditions in the share purchase agreement.

The transaction is expected to close in January 2019.

"Grupo Rey is excited to be on this new stage with over 65 years of experience in the industry and a company such as Corporación Favorita, which has proven its high profitability, robust business principles, and a reference point in the region. The welfare of your employees and customersThe Panamanian company has consistently explored excellence and efficiency in all its operations.

Hernán Muntaner, Grupo Rey said, "This process marks a new milestone in Grupo Rey's history and will help our clients to offer the best quality and the best quality at competitive prices in Panama."

J.P. Morgan
Arias, Fábrega & Fábrega and Simpson Thacher & Bartlett are legal advisers of the Company. On behalf of Corporación Favorita, Proventus His financial advisor was Lexvalor Abogados and Icaza, González-Ruiz & Alemán as legal advisers.

Grupo Rey has a portfolio 4 formats and 80 stores in Panama. He was born in 1958.

Favorita Corporación Favorita has a presence in six different Latin American countries, with stores in different formats and retail segments. Founded in 1952 in Ecuador. The company managed to position itself as an institution dedicated to improving the quality of life for Ecuadorian people.

Ve The purchase will open a number of opportunities to increase local production and export Ecuadorian products and services; Ecuadorian talent Exceeding the boundaries, "Corporación Favorita said in an official statement.

The company said that the sum of this productive investment has international funding that reflects the company's strength and trust in Ecuador and that the company increases the availability of local liquidity.

The Favorite Company
He undertook to invest $ 750 million in Ecuador and 6 thousand new jobs in five years.

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