Monday , November 30 2020

El Telégrafo – Corporación Favorita will receive a majority stake in the supermarkets chain in Panama



Corporación Favorita will take the majority between actions between King Holdings and their affiliatesstocks listed on the stock exchange Panama and the company that owns brands Rey, Romero and Bay Price supermarkets, Metro Pharmacy chain and stores Zaza.

King Group It is a company with 60 years of experience. annual turnover of about $ 700 million. Currently a 51 supermarkets, 76 pharmacies, 17 markets and 3 large production and distribution center portfolios Panama & # 39;.

Company announced The purchase is fully funded by international loansWithout any impact on the company's liquidity in Ecuador and planned local investments.

The profitability of this new international productive investment, Raise a higher income tax for the state. In addition, 15% of the dividends received will be distributed to Corporación Favorita workers in Ecuador.

In January 2019, after the transaction complies with regulatory and securities market formalities in Panama, it will draw conclusions on the purchase of shares in such transactions and the purchase of certain common conditions.

This purchase in Panama, growth strategy Corporación Favorita and its subsidiaries in Ecuador, 750 million dollars of investment and 6,000 new direct employment positions for the next five years.

So far this yearAn investment of $ 170 million was made and produced. Carchi, Cotopaxi, Tungurahua, Azuay, Manabí, Los Ríos, Guayas and Pichincha at 1,200 direct jobs. (I) & # 39; e


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