Peruvian retail giant takes over El Rey

 
906Views 6Comments Posted 07/11/2018

Control of El Rey, one of Panama’s leading supermarket chains has passed into the hands of  Peru’s top retail giant.

The surprise announcement came on Wednesday, November 7  when  Rey Holdings Corp. the major shareholder revealed majority shareholder revealed that it has reached an agreement with " orporación Favorita " for the sale of a controlling interest in Grupo Rey.

The price per share is $8.58  and the acquisition will be executed through a Public Offer of Purchase of Shares in the Panama Stock Exchange, where Corporación Favorita will commit to acquiring at least 60% of the common shares of Grupo Rey.

The transaction is estimated to close in January 2019.

" Grupo Rey is very excited to embark on this new stage with a company like Corporación Favorita, which has more than 65 years of experience in the industry and has proven to be a benchmark in the region for its high levels of profitability, sound business principles, integrity, high focus on the welfare of its employees and customers, and the constant search for excellence and efficiency in all its operations, "a company  statement.

Hernán Muntaner, General Manager of Grupo Rey, said that " the transaction  marks a new milestone in the history of Grupo Rey, and will help us offer  customers more and better products, and at competitive prices in Panama ."



Comments 6

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Lawrence Colvin

Well, since I am new to this part of the world. I have a big question?. is El Rey the same company as in Costa Rica?. In my opinion most likely not!. El Rey in Costa Rica products are mostly candy, clothes, garden supplies, electronics, garden supplies, school supplies, kitchen things, etc, etc.

5 months ago
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Ramona Rhoades

LOL!!! At breakfast this morning I was quoting this article. Our cleaning lady is here today, and as soon as I said Peruvian company she said. " No no -- Ecuadorian company". Even day workers seem to know more than the "press" about what is going on.

5 months ago
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Ericwm888

El Rey is not doing bad with their prices and weekly offers on their products. Riba Smith is still more expensive with most of articles they sell. This is for the Panama province off course where they fight for customers between Xtra, 99 and Machetazo included.

5 months ago
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La Prensa

Yeah, eventually we'll find the time to sue them for sloppy copyright infringement. Have you seen some of the stuff they copy from El Siglo, along with the photo watermark? Who are they trying to kid? It's a good thing we read this stuff with the ad blocker on. They're blatantly ripping off other people's work. It's sad.

5 months ago
user
Claire

"Competitive prices?" Only if they reduce prices. El Rey/Romero already has the highest prices of all. At least in my neck of the woods--Chiriqui.

5 months ago
user
Juan

Corporacion Favorita is an ECUADORIAN company. If you are going to copy the info from La Prensa at least try to get it right!!

5 months ago
The comments are the responsibility of each author who freely expresses his opinion and not that of Newsroom Panama.
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