Magazine Luiza unveils share sale

Magazine Luiza unveils share sale

Brazil Equity

Brazil's Magazine Luiza has announced plans to sell 24m new and existing shares to lower debt and fund expansion projects.The retail chain will issue 17.6m new shares, while five shareholders, including the chairperson Luiza Helena Trajano, will sell 6.4m existing shares. The holding company LTD Administracao e Participacoes can increase the offer by 15%, or 3.6m shares, if there is enough demand, Magazine Luiza said in a securities filing.Shares in Magazine Luiza dropped 11.7% after the re

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