Brazil's GPA says share buyback program approved for Exito shareholders

Adds more details on program, context

SAO PAULO, May 24 (Reuters) - Brazilian food retailer GPA PCAR3.SA said on Tuesday that shareholders in its subsidiary Almacenes Exito IMI.CN have approved a share buyback program on the Colombian Stock Exchange.

According to a securities filing, Exito shareholders who are interested in selling their shares will have a 10-day deadline to accept the offer. The program is set to be concluded by the end of June, it said.

GPA, which is controlled by France's Casino Guichard Perrachon CASP.PA, currently holds 96.57% of Exito's capital equity.

Earlier in May, local media had reported that GPA would sell some of its shares in Exito, aiming to raise around 400 million reais ($83.00 million).

However, in the Tuesday securities filing, GPA said that "no decision" had yet been taken by its board of directors regarding the sale of its shares in the Colombia-listed unit.

($1 = 4.8191 reais)

(Reporting by Peter Frontini and Carolina Pulice; editing by Uttaresh.V)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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