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Grupo Sanborns raises $930m by re-listing on Mexican Stock Exchange

RBR Staff Writer Published 12 February 2013

Retailer major Grupo Sanborns was re-listed on the Mexican Stock Exchange and raised $930m at $2.19 per share.

The floating represents an 18% stake in the retailer following the capital increase with proceeds to be employed for setting up new retail stores as well as remodeling existing ones.

General corporate expenses, debt reduction and possible acquisitions are some of the other avenues for the funds to be utilized.

The retailer operates coffee shops, restaurants, and department and music stores across Mexico as well as being the operator for Sears and Saks Fifth Avenue outlets in the country.

Grupo Sanborns also operates the iShops in Mexico that sell Apple computers, phones and tablets while being the owner of Sanborns-branded shops and restaurants.

The retailer totaled $236m in revenues for the 2012 financial year.