The share of Grupo Sanborns, which includes Sears, Sanborns, Dax and Saks Fifth AvenueSaks Fifth Avenue stores, closed the trading day at 22 pesos. The company has more than 2.246 million shares outstanding. The issuer’s market cap is 49.43 billion pesos, according to data from Marketwatch.
The company, listed under the ticker symbol GSanbor, is one of the companies with low marketability, that is, it has little movement on the stock market. “The directors always look for ways to generate shareholder value and, on this occasion, the best value generation is to buy the company, understanding that Sanborns has good potential for growth,” said an analyst who preferred to remain anonymous.
With this move, Sanborns joins Grupo Lala, Bachoco and Biopapel, which have opted out of the stock market because they consider the shareholder’s valuation to be low. Others, such as Herdez and Chedraui, have reported that they are considering this option.
“There have been a lot of (outings) lately. The advantages of being a public company in Mexico are less and less, and the costs do weigh something,” said Carlos González, an analyst at Monex.