Dollarama Inc. says the Rossy family, which founded the company, is selling a total of 2.2 million shares in the discount retailer.
The company says GRI Investments Inc., a private corporation controlled by the Rossy family, the Rossy Foundation and chief executive Neil Rossy are selling 618,369, 1,205,066 and 376,565 Dollarama shares respectively in block trades to a financial institution.
Dollarama says the sale by the Rossy Foundation will be used to fund its commitments to charitable organizations, while the sales by GRI Investments and Neil Rossy were made for financial diversification purposes.
Once the trades are settled, Dollarama says GRI Investments, the Rossy Foundation and Neil Rossy will still hold a total of nearly 13.1 million shares in the company for a 4.2% stake.
After falling along with the rest of the stock market in the early days of the pandemic, shares in Dollarama have recovered and have been trading near their 52-week high in recent days.
Last week, the company reported a profit of $564.3 million or $1.81 per diluted share on sales of $4.03 billion in its latest financial year, up from $564 million or $1.78 per diluted share on $3.79 billion in sales the previous year.