Falabella Peru approves partial spin-off as part of transfer of assets to Mallplaza

What: The General Shareholders' Meeting of Falabella Peru has approved a partial spin-off of the company to facilitate the transfer of assets to Mallplaza.

Why it is important: The spin-off is a strategic move to streamline the asset transfer process to Mallplaza, while also maximizing shareholder returns through a substantial dividend distribution.

Falabella Peru's shareholders have approved a partial spin-off to transfer real estate assets to Mallplaza. This decision, made on June 20, 2024, involves creating a new entity, Inverperú Inmobiliaria SAA, to manage specific assets not included in the Mallplaza acquisition. The spin-off will reduce Falabella Peru's share capital by redeeming over one billion common shares, with Inverperú taking over these assets. Concurrently, shareholders approved a USD 150 million dividend distribution. The transfer, valued at USD 848 million, will expand Mallplaza's presence in Peru to 15 shopping centers. The spin-off and asset transfer are expected to be completed by September, with both Falabella Peru and Inverperú shares continuing to be listed on the Lima Stock Exchange.