Sendas Spin-off (Assaí)
On September 9, 2020, GPA announced, by Material Fact, that its Board of Directors approved initiating a study to segregate its cash and carry unit through a partial spin-off of the Company and its wholly owned subsidiary Sendas Distribuidora S.A.
The goal of the transaction is to unleash the full potential of the Company’s cash & carry and traditional retail businesses, allowing them to operate on a standalone basis, with separate management teams, and focusing on their respective businesses models and market opportunities.
On December 14, 2020, the Board of Directors of each of GPA and Sendas approved the proposal for corporate reorganization in order to carry out the segregation of the cash and carry unit (wholesale self-service activity) operated under the brand “Assaí” by Sendas from the traditional retail business developed by GPA.The corporate reorganization proposal will be submitted for approval by GPA’s and Senda’s shareholders at Extraordinary Shareholders’ Meetings of both companies, to be held on December 31, 2020.
Please find below all the documents published by the Company related to the corporate reorganization.