Arab Today, arab today costco wholesale to control of mexican unit
Last Updated : GMT 02:15:20
Arab Today, arab today
Arab Today, arab today

Costco Wholesale to control of Mexican unit

Arab Today, arab today

Arab Today, arab today Costco Wholesale to control of Mexican unit

Mexico City - Arabstoday

Costco Wholesale Corporation plans to buy out its joint venture partner Comercial Mexicana’s 50 per cent stake in its Mexican unit for 10.7 billion pesos ($766.79 million) and take full control of the business in its third-largest market. The joint venture, Costco Mexico, which is operated by Costco Wholesale, will pay a cash dividend of about 4.8 billion pesos ($343.98 million), to be split equally between Costco and Comerci, as the Mexican retailer is locally known. Costco will use the dividend to fund the purchase. Shares of Comerci, which has been struggling under a heavy debt load, surged on the news and closed up 11.6 per cent, their biggest one-day per centage jump since October 2009. Comerci, which operates the upscale City Market stores, discount stores and restaurants, agreed to a debt restructuring deal with creditors in 2010 after heavy losses on currency derivatives caused it to default on obligations in late 2008. The company plans to use most of the cash payment from the transaction to pay off debt, Chief Financial Officer Jose Calvillo told analysts on a call. The Costco-Comerci relationship dates back to the early 1990s when Costco merged with Price Co, with which Comerci had a joint venture partnership. The deal is subject to approvals from the Mexican Federal Competition Commission and shareholders of Comercial Mexicana, the companies said in a statement. Shareholders and authorities should sign off on the deal shortly, Calvillo said, adding that Comerci expects to receive its payments in July and August and begin refinancing its debt in September. Jaime Gonzalez Solana will continue as CEO of Costco Mexico. Issaquah, Washington-based Costco operates 32 outlets in Mexico, its third largest market after the United States and Puerto Rico and Canada. The cash payments will allow Comerci to open more stores and ramp up sales. The company will seek to increase revenue by 8 per cent in 2013 and 10 per cent in 2014 and beyond, he said. When analysts on the call asked whether those were conservative targets, Calvillo explained it is becoming hard in Mexico’s competitive market to open stores rapidly.from gulf today.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today costco wholesale to control of mexican unit Arab Today, arab today costco wholesale to control of mexican unit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today costco wholesale to control of mexican unit Arab Today, arab today costco wholesale to control of mexican unit

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday