Pague Menos to Open 300 Stores in Brazil by 2015, Folha Says

Empreendimentos Pague Menos SA, a Brazilian drugstore chain, plans to open 300 stores by 2015 and carry out an initial public offering in the third quarter of next year, Folha de S.Paulo reported, citing Francisco Deusmar de Queiros, the company’s founder.

At the end of the period, Pague Menos will have 764 stores in Brazil, according to the newspaper. The company’s IPO may raise about 800 million reais ($468 million), Folha said, citing estimates of market participants it didn’t name.

To contact the reporter on this story: Telma Marotto in Sao Paulo at tmarotto1@bloomberg.net

To contact the editor responsible for this story: Karen Eeuwens at keeuwens@bloomberg.net

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