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Latest News in Peru / Archive
Business | 18 November, 2009 [ 15:40 ]
Peru: Wong Group to sell their Cencosud shares
LivinginPeru.com
Isabel Guerra
Local press reported today that the Wong Group (Ewong) would terminate their association with their first company, Grupo de Supermercados Wong-GSW (Wong Supermarkets Group), which operates Wong and Metro as well.
The Wongs would do this move before January 31st, 2010; they are still indirectly connected to GSW through their participation in the Chilean holding Cencosud.
As part of the GSW purchasing terms, the Wongs acquired a 2.28% of Cencosud shares (almost 50 million of shares), with the option of leaving Cencosud by means of a selling option that oblige Cencosud to buy out the Wong's shares at the price of 2,000 Chilean pesos (US $4) per share, before January 31st, 2010.
That would make US $200 million dollars, and reportedly the Wong family needs those funds now in order to finance another projects, such as the ones in the sugar sector.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Local press reported today that the Wong Group (Ewong) would terminate their association with their first company, Grupo de Supermercados Wong-GSW (Wong Supermarkets Group), which operates Wong and Metro as well. The Wongs would do this move before January 31st, 2010; they are still indirectly connected to GSW through their participation in the Chilean holding Cencosud.
As part of the GSW purchasing terms, the Wongs acquired a 2.28% of Cencosud shares (almost 50 million of shares), with the option of leaving Cencosud by means of a selling option that oblige Cencosud to buy out the Wong's shares at the price of 2,000 Chilean pesos (US $4) per share, before January 31st, 2010.
That would make US $200 million dollars, and reportedly the Wong family needs those funds now in order to finance another projects, such as the ones in the sugar sector.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
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1 Comment
# Colroado says :
19 November, 2009 [ 16:35 ]
It was a big mistake to sell WONG supermarkets to the chilean Cencosud.Add your commentNow with the possible entrance of Walmart or Carrefour, and some Brazilians chains, peruvians will prefer them instead of chilean chains.
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