An overview of our knowledge about the target company, Olimpica
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- General information Family received the National Order of Merit Silver Cross in 2003 from Colombian President Alvaro Uribe Fuad Char Abdala
- Farid Char Abdala
- Simon Char Abdala Brother of Fuad, Farid, Jabib, Miguel and Mari Ricardo Char
- Mari Char Abdala
| --An overview of our knowledge about the target company, Olimpica http://www.olimpica.com/index.asp
Olimpica SA is one of Colombia’s leading retail companies based in Barranquilla, Colombia. As of Feb. 2007, Olimpica had 182 stores, including drug stores, supermarkets and hypermarkets. At that time, the company planned to open 10 more stores and upgrade 40 existing ones in part of a broader expansion strategy calling for COP 120 billion ($54.1 million) in investments. Olimpica Marketing Director Andres Ordonez said the company’s sales topped COP 1.85 trillion ($811 million) in 2006, up 10 percent year-on-year. Olimpica reported a net profit of COP 20.04 billion in the January-September period in 2006, up 75% from the same period of 2005. The company is fully owned by Colombia’s powerful Char family. However, foreign investors, such as French retailers Carrefour SA and Casino Guichard-Perrachon et Cie. SA, and other local retail chains, including Almacenes Exito SA- Colombia's largest retailer, are also investing in Colombia’s retail boom. Such investment put pressure on Olimpica, causing the Char family to contemplate searching for a foreign partner or selling off parts of the company in order to gain capital to fund expansion plans. In Jan. 2006, Olimpica attempted to create an alliance with the Carulla-Vivero retail company, both based out of Barranquilla and similar in sales and size. However, Exito got in the way since it already planned to merge with Carulla-Vivero, which Colombia’s anti-trust agency authorized. In Oct. 2006, Olimpica began merger talks with Mercado de Familia SA (Mercadefam), which owned four hypermarkets and three drug stores, in order to determine feasibility of a potential transaction with the company. The merger did not prosper and the company did not mention why the talks failed. . A little background on the family: Nicolas Char Zaslawy came to Colombia in 1924, his older brother Ricardo came to Colombia in 1926. Together they organized the merchant group Char Brothers, which specialized in general commerce, along with silver and jewel sales. In 1953 Ricardo obtained the Almacen Olimpico, which was then basically a pharmacy. Fuad, son of Ricardo, got involved in the management of the store, and ultimately opened the second location. Fuad, Jabib, and Simon created the Char Brothers Ltd. company and the Olimpica SA brand. In 1986, they retired from the direct management of the Olimpica Organization. --A review of the family members closely associated with the company, most specifically including information about their known business affiliations, any corporate dealings, examples of their character, ethics, and integrity. General information Family received the National Order of Merit Silver Cross in 2003 from Colombian President Alvaro Uribe Fuad Char Abdala Oldest son of the Char Abdala family Politician the first ethnic-Arab governor of the Atlantico Department from 1984-7 Economic development minister 1987-9 Became a senator in 1991 (ended his last term in 2006) Says he ran the government like he runs a store member of the liberal Popular Will party As a senator has voted against torture, cruel and inhuman punishments Voted for the promotion of micro, small and mid-sized business has no sanctions against him by the AG office no investigations by the justice department Heavily involved in sports, specifically the Barranquilla-based Colombian soccer team Atlético Junior Farid Char Abdala Brother of Fuad, Jabib, Simon, Miguel and Mari Holds 8.70 percent of Olimpica Holding Jabib Char Abdala Also known as Habib Char Abdala Olimpica’s representative to Barranquilla’s Chamber of Commerce advisory board Holds 14.24 percent of Olimpica Holding Simon Char Abdala Brother of Fuad, Farid, Jabib, Miguel and Mari Ricardo Char no idea who this is. Is this possibly referring to the father of the family? Miguel Char Abdala Brother of Fuad, Jabib, Farid, Simon, and Mari Songwriter President and Partner of the Olimpica Radio Organization (ORO), which began when the brothers decided to buy Radio Regalos in 1967 Mari Char Abdala Sister of Fuad, Jabib, Farid, Simon and Miguel Doesn’t appear to be involved significantly with the company --Information about all known owners of the company, both individuals any other entities that hold an ownership stake. Owner % stake Char Hermanos Ltda. 40.97 Simba Ltda. 14.24 Jabib Char y Cía. S. en C. 14.24 Char Abdala y Cía. S. en C. 11.36 Farid Char y Cía S. en C. 8.70 Yidi de Char Gladis 5.55 Organización Radial Olímpica 2.06 Char Chaljub Antonio 0.96 *president of the soccer team Fuad is involved in Char Chaljub Alejandro 0.96 *son of Fuad, was governor of Atlantico department in 2003, owns construction company Char Chaljub Arturo 0.96 *senator 2006-2010, member of the Radical Change party --All information we can learn regarding the corporate culture, especially as it relates to ethics, character and integrity. Client specifically asked--does the company promote ethical standards in business? Are they known to provide training in ethics to associates and encourage or demand and ethical culture? Do they operate their business with high levels of integrity? Do they have a history of cutting corners or pursuing shady deals in order to gain higher profits? Do they have associations with government officials that might suggest unethical behavior? I don’t see anything out there in OS on ties to narcotics or anything particularly shady. There are some critiques of the power of the family and how their ties to the government affords them benefits, but this hardly makes them different from any wealthy, well-connected Colombian family and does not seem to suggest unethical behavior. Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 14.9 Kb. Share with your friends:
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