November 25, 2013
Chilean billionaire Alvaro Saieh has completed a $300m capital increase for
Chilean billionaire Alvaro Saieh has completed a $300m capital increase for SMU, the retailer says. A CLP96.4bn ($186m) payment completes the CLP151.33bn process, done at CLP178.90 each. The company plans to sell a further $200 million of shares by October 2016, as part of a plan to shore up its finances. SMU has also agreed to take out a subordinated credit for $300m before the end of the year and is also working on the sale of $300m-$400m in non-core assets.