All of Peru’s Wong Shares to be Transferred to Chile’s Cencosud

(LIP-ir) — Representing Peru’s top supermarket and shopping center operator, Efraín Wong announced on Sunday that Grupo Wong was to associate itself with Chilean retailer Cencosud and transfer 100 percent of its shares, valued at $500 million, to Cencosud.

Wong made its association to Cencosud official yesterday in Peru’s Government Palace in the presence of President Alan Garcia, Horst Pullman, the president of Cencosud and Peru’s Minister of Production, Rafael Rey.

Efraín Wong acknowledged Chile’s Cencosud, which is present in countries such as Chile, Argentina, Brazil and Colombia, for its experience and leadership in the retail market throughout Latin America.

During their meeting, Wong reported that Cencosud’s total sales were over $7.6 billion per year and that the Chilean company had 85 thousand employees, which would increase to 100 thousand with the new association.

The operation includes the transfer of shopping centers, supermarkets and other property to Chile’s Cencosud, reported Peru’s Andina news.

It was also reported that Cencosud would receive 100 percent of the stock in GSW S.A., which operates the Grupo Wong supermarkets and shopping centers and which is 96.83 percent owned by the Wong family.

The remaining 3.27 percent will be acquired from the FMO Investment Fund.

Grupo Wong is to receive 49.75 million shares, valued at 2,000 pesos per share, of the Chilean retailer, making it the third or fourth largest individual shareholder, said Pullman.