Companhia Brasileira de Distribuicao (PCAR4.SA)
19 Feb 2018
Latest Key Developments (Source: Significant Developments)
: Brazil's Companhia Brasileira de Distribuicao, also known as GPA SA
Companhia Brasileira de Distribuicao:Says has approved to incorporate part of Sendas Distribuidora SA's (Sendas) assets and liabilities as a result of partial spin-off.Says share capital of Sendas will be reduced by 7.2 million Brazilian reais, as a result o cancellation of 6.3 million shares of Companhia Brasileira de Distribuicao's ownership.Says incorporation is in line with the company's strategy of corporate and business structures optimization.Sees costs of carrying out partial spin-off of about 300,000 reais, including expenses with publication, auditors, lawyers and other professionals hired to assist the operation.Says spun-off elements include: assets of 1.63 billion reais, liabilities of 1.62 billion reais and shareholders’ equity of 7.2 million reais.Says has approved to incorporate Barcelona Comercio Varejista e Atacadista SA into Sendas prior to partial spin-off of Sendas. Full Article
SAO PAULO, Feb 19 Brazilian food retailer GPA hit quarterly profit estimates on Monday, as sales at its wholesale formats drove growth, though the company's fairly ordinary results were overshadowed by a leadership shake-up announced almost simultaneously.