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Corporación Favorita will acquire the majority of the shares of Panamanian group Rey Holdings and its subsidiaries, listed on the Panama Stock Exchange.
This was confirmed by the local company in a statement issued Wednesday in that despite the unspecified nature of the transaction, the acquisition in Panama adds to the growth strategy developed by Corporación Favorita and its subsidiaries in Ecuador, with initiatives representing an investment of $ 750 million and the creation of 6,000 new direct jobs for the next 5 years.
Investments are divided between commercial programs, industrial, technological, equipment, logistics, energy production, environmental management and shared values.
The brands of this Central American holding company with 60 years of experience and an approximate turnover of 700 million dollars a year, are the supermarkets Rey, Romero and Mr. Price, the Farmacias subway chain and the stores of near Zaz.
For its part, the Panamanian group has confirmed the transaction and indicated in a statement to its strategic partners that in order to finalize it in the coming months, it will have to comply with the legal and administrative requirements. They estimated that it would be finalized for the first quarter of next year 2019. (I)
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