Gigante Unit Under Investigation

Mexico retailer Grupo Gigante says fiscal authorities are investigating one of its subsidiaries in relation to transactions made abroad in conjunction with providers. In relation to that, it has registered a MXP485m provision to cover potential costs arising from the investigation. The company also announced it will invest MXP10bn as part of its 2009-2013 strategic plan. In 2009 alone, it says it plans to invest MXP1.4bn and forecasts sales will total MXP15bn, up from MXP8.4bn in 2008. Also for this year, it expects to open 108 units in all formats and create 1,816 jobs.