Pao de Acucar to increase investment in Brazil by 72%
Date added: 21st January, 2010 at 08:08
(view all articles from January, 2010)
Categories: Economy
A retail firm has released plans to increase its investment in Brazil by up to three-quarters over the next three years.
Pao de Acucar, which is the largest company of its type in the Latin American country, revealed that it will open 300 new stores between 2010 and the end of 2012 in a bid to capitalise on Brazil's strengthening post-recession economy.
In total, the group's investment in Brazil will reach as high as five billion reais (£1.7 billion) over the period, an increase from the 2.9 billion reais which it spent between 2007 and 2009.
Abilio Diniz, the retailer's chairman, told Bloomberg that he expects the country's economy to continue to prosper in the future.
"We are in a great moment and will see an even more robust economy in the coming years," Mr Diniz said.
In another interview with the news provider, its chief financial officer Eneas Pestana last month advised people to look out for two "big" opportunities for investment in Brazil's largest retailer.
He said at the time that each will come over the next 12 months.
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