chilean Businessman รlvaro Saieh Continues Divesting SMU Stake Amidst Mounting Debt
Santiago, โChile โค- รlvaro Saieh, the chilean businessman behind supermarket conglomerate SMU (owner of Unimarc, Alvi, and Mayorista 10, โamong others), has further reduced his holdingsโข in the company, recently offloading a block โคof shares valued atโข over $522 million โChilean pesos (approximately $585,000 USD).โฃ This move comes as Saieh faces increasing โคfinancial โคpressure,โ includingโข a recent asset seizure related too a substantial โdebt.
the sale, executed through CorpGroup Holding Inverisones Limitada and โreported to the Financial Market โCommission (CMF), โขinvolved 3.4 million shares at a price of $150.22 per share.โ This latest transaction addsโค to a โseries of SMU share sales by saieh โin โrecent weeks, totaling approximately $10.8 billion Chilean โpesos ($12.5 million USD) earlier in October throughโฃ both CorGroup and the Epsilonโ Private Investment Fund. These divestments suggest โa strategy to raise capital to address existingโข financial obligations.
The pressure on Saieh’s โfinances intensified โฃonโข October 21st with an asset seizure at his vitacura residence, stemming from a debt โคexceeding US$27 million owedโ to Itaรบ Bank. The debtโฃ originated from a promissory note issued to Great Art Inc., a company linked to Saieh and registered in โthe British Virgin Islands, โwith a payment deadline of Aprilโ 2024 that was not met.
Saieh has previously engagedโ in multiple sales of SMU sharesโข over the years, a pattern analysts suggest is aimed at bolstering liquidity and managing his financial โคcommitments. The ongoingโ sales and the recent asset seizure โhighlight the businessman’s current financial challenges and the potential implicationsโฃ for the future ownership structure of SMU, a key player in Chile’s retail sector.
