GRUPO GIGANTE BEGINS MANAGEMENT OF BLANES, S.A. de C.V.
GRUPO GIGANTE BEGINS MANAGEMENT OF BLANES, S.A. de C.V. MEXICO CITY, May 11 /PRNewswire/ -- Grupo Gigante, S.A. de C.V., today confirmed that as of May 1 the company had undertaken the management of Blanes, S.A. de C.V., as a result of its agreement to acquire 93.58 percent of the company's capital stock. A holding company, Blanes owns a retail subsidiary, Blanco Sucesores, S.A., which operates 89 self-service stores under the "Blanco" name, and Inmobilaria Blancal, S.A. de C.V., a real estate subsidiary. Blanco stores were closed for inventory from April 29 through May 1 and reopened on May 2 under Gigante's management. Suppliers to Blanco have been advised that their accounts would be closed by Blanco under the Grupo Gigante's management. The purchase price of the Blanes capital stock will be based on the audited and adjusted value of stockholders' equity as of April 30, 1992. A portion of the purchase price was paid in cash on April 30, and the balance will consist of newly issued, non-voting stock to be issued by Grupo Gigante. -0- 5/11/92 /CONTACT: Arturo Trevino or Juan Carlos Mateos of Grupo Gigante, 52-5 531-3260; or Fern Lazar or John McInerney of Dewe Rogerson, Inc., 212-688-6840, for Grupo Gigante/ CO: Grupo Gigante S.A. de C.V. ST: IN: REA SU:
TQ-SB -- NY022 -- 8490 05/11/92 09:55 EDT
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|Date:||May 11, 1992|
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