Retailer reveals 'big opportunities for investment in Brazil'
Date added: 22nd December, 2009 at 09:50
(view all articles from December, 2009)
Categories: Economy
Opportunities for investment in Brazil's biggest retail group have been tipped by the company's chief operating officer.
Eneas Pestana of Pao de Acucar, speaking to Bloomberg, advised potential investors to look out for two "big" opportunities over the next 12 months.
"During the next six months, I guarantee it won't happen, because it is not possible. But from there on, I would keep an eye out," he said.
He revealed to the news provider that the company - which acquired its rival retailer Casas Bahia on December 4th 2009 - plans to take its internet ecommerce subsidiary public in the second half of 2010 or in 2011.
It will also make additional equity available for Globex Utilidades, of which it acquired a 70 per cent stake for 824.5 million reais (£287.3 million) earlier this year.
His comments come after Tony Daltorio, writing for Investment U, tipped investment in Brazil's retail companies as a good way for would-be backers to capitalise on the Latin American country's economic success.
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