Despite peso slump, Mexico's Alfa still plans food unit IPO
MEXICO CITY, July 30 (Reuters) - Mexican conglomerate Alfa is still planning an initial public offering of its refrigerated food unit Sigma but will proceed cautiously given the recent slump in the peso, the company said on Thursday.
Alfa is considering listing Sigma "sooner rather than later," Alfa's Chief Executive Officer Alvaro Fernandez Garza said at an event in Mexico City.
Fernandez added, however, that "the foreign exchange environment now in Mexico is not necessarily favorable for listing a company that has a lot of revenue in pesos."
This month, Alfa's car parts unit, Nemak, raised about 11.897 billion pesos ($722.96 million) in an IPO, including additional shares sold as part of the overallotment option.
In February, Alfa's chief financial officer had said the company hoped to carry out IPOs for Nemak and Sigma in the second or third quarter of 2015. ($1 = 16.4560 Mexican pesos) (Reporting by Joanna Zuckerman Bernstein and Jean Luis Arce, Additional reporting by Gabriela Lopez; Editing by Nick Zieminski)
© Thomson Reuters 2016 All rights reserved.