Sonae considers placing its retail business in the stock market
Sonae's Board is analyzing the possibility of listing a retail portfolio. The same is to say that it is considering placing the business in the stock market, while maintaining a majority equity.
Sonae may soon have another company in the stock market. In a press release in which it announced a plunge in profits to 166 million euros due to absence of extraordinary gains like in the previous year, the holding acknowledges the Board is “analyzing” the possibility of floating part of the retail business.
As part of Sonae SGPS’ strategy of providing more autonomy and focus to its portfolio companies, the Board of Directors is currently analyzing the opportunity of a potential listing of a retail portfolio, in which Sonae SGPS will retain its majority shareholding.
Sonae “will keep pursuing its strategy based on three key pillars, while also providing the necessary autonomy to its businesses in order to make them more agile, thus creating more value to shareholders”, is stated in the document sent to the Portuguese Securities Market Commission (CMVM).
“As part of Sonae SGPS’ strategy of providing more autonomy and focus to its portfolio companies, the Board of Directors is currently analyzing the opportunity of a potential listing of a retail portfolio, in which Sonae SGPS will retain its majority shareholding”, the company adds. Sonae’s company Modelo Contine left the Portuguese stock market in 2006.
However, “at this stage, no formal decision has been taken and further details will be provided in due course”, is stated by the company lead by Paulo Azevedo and Ângelo Paupério.
