Dutch retail group Ahold has sold its Paraguayan supermarket chain Supermercados.

No financial details were given for the sale to AJ Vierci who is the owner of a number of media, industry and trade businesses in the region.

Ahold said it would publish its restated annual results next week.

It has a deadline of September 30 or it will lose access to the first part of a 2.65bn euros credit line arranged by a syndicate of banks following accounting scandals that broke in February.

Meanwhile, Ahold’s joint venture partner Scandinavian food retailer ICA Ahold is to drop Ahold from its brand name - to become ICA AB.

ICA said the name change does not change the ownership situation, with 50% still owned by Ahold, 30% by ICA Forbundet Invest ABN and 20% by Canica AS.