The Brazilian subsidiary of Groupe Casino, Companhia Brasileira de Distribuição (GPA), has obtained the authorisation to list the shares issued by Sendas Distribuidora S.A. (Assaí) on the Novo Mercado segment of the B3 SA - Brasil, Bolsa, Balcão.
It also has the approval to list the American Depositary Securities (ADSs) of Assaí on the New York Stock Exchange.
The trading of Assaí shares and ADSs will commence on 1 March 2021.
These listings take place in the context of previously announced transactions to reorganise and spin-off certain GPA assets, the retailer added.
Assaí shares, currently wholly owned by GPA, will be distributed to GPA shareholders at a ratio of one Assaí share for each GPA share.
Following the listing of Assaí, 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 holds a 96.6% stake.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.