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FEMSA to spend nearly 62B Mexican pesos through 2021

Mexican retailer and soft-drinks bottler Fomento Economico Mexicano SAB de CV plans to spend 61.88 billion Mexican pesos in its home market through 2021, Reuters reported Sept. 6, citing local newspapers El Universal and El Financiero.

FEMSA Chairman Jose Antonio Fernandez Carbajal reportedly discussed the plan with Mexican President Andres Manuel Lopez Obrador in a meeting Sept. 5

About 41,000 direct jobs are expected to be created from 2019 to 2021 as part of the investment, the news outlet said. FEMSA bottles beverages under the Coca-Cola Co. brand and operates Oxxo convenience stores.

The company did not immediately respond to S&P Global Market Intelligence's request for comment.

The report comes less than a month after FEMSA's retail arm agreed to take a 50% stake in Raízen Combustíveis SA, a 50-50 joint venture between Cosan Ltd. and Shell Brazil Holding BV that operates around 6,200 Shell gasoline stations in Brazil.

As of Sept. 5, US$1 was equivalent to 19.69 Mexican pesos.