The Cencosud conglomerate has unveiled plans to sell a 5% stake in the group via a public share offering. The Latin American giant is currently controlled by the Paulmann family, which hold an estimated 57% stake.
Cencosud said 142 million shares will be offered as common stock in Chile and American Depositary Shares internationally. A price is expected to be set around 15 July, but at Monday’s prices, the stake would have been worth around $400m.
The group did not offer any reasons as to the sale, only noting that it would receive any of the proceeds. This has prompted speculation that the money will be used to repay debt or go directly to the Paulmanns.