Felix B. Maduro Group has been bought by FBM Retail Corp., a company whose leading shareholder is Grupo Arrocha of Panama, along with Grupo Diunsa and AF International Group Corp.

From a statement issued by the Ministry of Economy and Finance in Guatemala:

The Government of the Republic of Panama announced that the business group Felix B. Maduro business has been delisted from the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury.

“We give recognition to all those who contributed to resolving this complicated process. The joint work of the Government, OFAC, the US Embassy, the creditor banks, the company and its buyers, has saved more than 1,000 jobs and an iconic company in Panama,” said the Minister of Economy and Finance, Dulcidio de la Guardia.