Rey to sell 60% of shares

Grupo Rey agreed to sell at least 60% of its shares to the giant Corporación Favorita, a conglomerate of Ecuadorian capital with a presence in Peru, Paraguay, Colombia, Chile and Costa Rica.

Corporación Favorita informed its suppliers yesterday that Grupo Rey’s purchase transaction was one of the most important in its history.

"This acquisition will consolidate our presence abroad, open new doors and generate multiple benefits," the company said.

Grupo Rey said that this transaction will strengthen its position as a supermarket chain. The sale will be completed at the beginning of 2019 through a public offering of shares.