Portuguese conglomerate Sonae SGPS has announced that it plans to launch an IPO of its food retail business, Sonae MC.
The common shares will be listed on Euronext Lisbon and trading is expected to take place in the fourth quarter of 2018, subject to necessary approvals and favourable market conditions.
Potential investors will be offered a minority stake of 25%, while Sonae SGPS will remain as the reference shareholder.
A Better Future
In a statement, company officials said that the IPO will improve Sonae MC's value and sustain the strategy and growth plan "by raising the level of autonomy, an independent capital structure, and corporate governance and dividend policy in line with best practices in the market".
Sonae MC is one of the leading food retailers in Portugal with a market share of 21.9%.
The group reported a turnover of €4.05 billion in 2017, and the strong momentum continued in the first half of 2018, with a like-for-like growth of 2.7%.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.
