Exito has armed itself with US$390m to finance its expansion, the Colombian company said yesterday.

The money has come from the sale of shares both in its home market of Colombia and abroad.

Colombia’s largest retailer, which is controlled by French retailer Casino Guichard Perrachon, sold 50m new shares at 15,000 Colombian pesos ($7.82) each to a select group of investors.

In a statement, Exito said that it would use the cash generated to “speed up its expansion plan and keep growing”.

“This operation shows the confidence international investors feel for our country and our company and is the result of the work of many crews who built an attractive company in Colombia and abroad,” Exito chief executive Gonzalo Restrepo said.