Peru’s Wong Group sells its Cencosud shares for US $176 million

Isabel Guerra

Cencosud, a Chilean retailer company, announced that the Peruvian Wong family plans to sell its 2.28% participation for US $ 176 million, an operation that will be done through a public offering.

The sale, announced after the markets closed, is part of an agreement signed in 2007 after acquiring Cencosud Wong supermarket chain in Peru.

The sale will be made through a public bidding process at Santiago Stock Exchange, where some 49,750,000 Cencosud shares currently owned by Wong Hold SA are to be traded, according to the terms in the contract.

The Peruvian group would invest this money in various projects in Peru, such as a bus station, agricultural exports and shopping centers

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