Shareholders in Cencosud have approved a capital increase of up to US$2bn, which is equivalent to 13 per cent of the Chile-based retail giant's market capitalisation.
Daniel Rodriguez, Cencosud's CEO, said: 'We're looking ahead and want to give ourselves flexibility, so if an opportunity arises we can react quickly.'
Cencosud operates the Jumbo and Santa Isabel supermarket chains in Chile and also owns retail stores in Argentina, Brazil, Colombia and Peru.
Cencosud is in part focused on growing its presence in Brazil, where it wants to expand its supermarket business.
