Arab Today, arab today costco wholesale to control of mexican unit
Last Updated : GMT 10:36:03
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.

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 Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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