The board of directors of Almacenes Éxito, based in Colombia, in which Grupo Pão de Açúcar (GPA) holds 96.57% of the shareholding, approved, this Friday (6), the regulation that establishes the conditions of the plan. repurchase agreement worth up to 320 million Colombian pesos, at 21,000 Colombian pesos per share. The plan is still subject to approval by the Éxito general meeting to be held on May 24. Éxito is valued at more than R$11 billion.
The acceptance period for the repurchase offer is ten working days, counting from the day following Éxito’s general meeting, on May 24. The operational process will be carried out by the Colombian Stock Exchange through an electronic data capture system to which the entire capital market has access, GPA informed a short while ago, through a material fact to the Securities and Exchange Commission (CVM).
Shareholders will be able to exercise the repurchase on a ‘pro rata’ basis for their participation in Éxito’s capital stock, with the possibility of exercising at least one share per shareholder, as a way of guaranteeing equal treatment to minority shareholders.
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