Dia to exit Brazil after selling all its stores for 'symbolic' 100 euros

Distribuidora Internacional de Alimentacion SA

31/05/2024 07:51

May 31 (Reuters) - Spanish retailer group Dia  DIDA.MC 
said on Friday it agreed to sell its business in Brazil for a
"symbolic price" of 100 euros ($108.19) and exit the country to
focus on more profitable markets such as Spain and Argentina.
    Brazilian asset manager MAM, which belongs to Banco Master,
will buy the supermarket chain in Brazil, Dia said in a filing
to the Spanish stock market regulator.
    The Spanish company committed to transfer 39 million euros
to its Brazilian unit before the sale.
    The sale will prompt Dia to book a 101 million euro
impairment, it said in the filing.
    Dia had said in March it would close more than 300 stores
and three warehouses in Brazil following negative results last
year.
   The company is selling assets to reduce its net financial
debt. It said last year it would leave Portugal, where it had
around 500 supermarkets. 
    ($1 = 0.9243 euros)

 (Reporting by Matteo Allievi, editing by Inti Landauro and
Jason Neely)
 ((matteo.allievi@thomsonreuters.com;))