SANTIAGO, July 11 (Reuters) - The owners of Latin American retailer Cencosud said Monday that they would sell a 5 percent stake in the company via a share offering.
The company, which is headquartered in Chile and has operations throughout South America, is controlled by Chile’s Paulmann family, which currently owns about 57 , according to Thomson Reuters data.
Cencosud said in a statement the shares would be offered abroad as American Depositary Shares and in Chile as common stock. The block of around 142 million shares is expected to be priced around July 15.
It did not give reasons for the sale but said the company would not receive any of the proceeds.
Cencosud runs the ‘Jumbo’ supermarket, ‘Paris’ department store and ‘Easy’ home improvement brands, among others, and has significant operations in Chile and Argentina, and a presence in Brazil, Peru, and Colombia.
Reporting by Rosalba O'Brien; Editing by Bernadette Baum