Almacenes Exito, the Colombian retailer, has said that it hopes to raise about COP435bn (US$223m) by issuing 30m new shares.

The new shares will first be offered to existing shareholders, at a discounted price of COP14,500. Prior to the announcement, Exito shares were trading at COP16,400.

Proceeds from the sale will be used to fund expansion and the acquisition of the stake is does not already hold in subsidiary Carulla Vivero, Colombia's largest retailer said in filing with Bolsa de Valores de Colombia yesterday (27 October).

Exito acquired a controlling stake in Carulla in 2007 and committed to buy the remainder before March 2010.

Shares in the Colombian retailer dipped to 3.6% to close at COP16,000 a share yesterday.