Spanish supermarket group Dia said Friday it agreed to sell its business in Brazil for a "symbolic price" of 100 euros ($108.19) and exit the country to focus on more profitable markets such as Spain and Argentina.

Brazilian asset manager MAM, which is owned by Banco Master, will buy the supermarket chain in Brazil, Dia said in a statement to the Spanish stock market regulator.

The Spanish company committed to transfer 39 million euros to its Brazilian unit before the sale.

The sale will require Dia to record an impairment of 101 million euros.

Dia had said in March that it would close more than 300 stores and three warehouses in Brazil following last year's negative results.

The company is selling assets to reduce its net financial debt. Last year it announced it would exit Portugal, where it had about 500 supermarkets.

(1 dollar = 0.9243 euros)

(Reporting by Matteo Allievi; editing by Inti Landauro and Jason Neely; Spanish editing by Javi West Larrañaga)