BUENOS AIRES, Argentina -- Disco, a 52-unit supermarket chain based here, plans to allocate $145 million (U.S.) to capital expenditures over the next two years to open 17 new stores and to renovate and expand nine stores.
program will be financed in part by the $67.6 million the company raised in a public offering in April, according to Disco. Some of the funds from the offering will also be used to repay certain outstanding short-term debts.
Of Disco's 52 stores, 39 operate under the Disco name -- 30 in Argentinean centers. Six operate under the Elefante banner and three under the Disco banner in resort areas on Argentina's Atlantic coast. Four upscale stores, called La Gran Provision, operate in Buenos Aires' high-income neighborhoods. The company also operates six Stop convenience stores. After the offering, concluded in mid-April, Disco became the first Argentinean food retailer listed on the New York Stock Exchange.