Egypt's NUCA, SHMFF sign New Cairo land allocation for integrated urban project    CIB named Egypt's Bank of the Year 2025 as factoring portfolio hits EGP 4bn    Egypt declares Red Sea's Great Coral Reef a new marine protected area    Oil prices edge higher on Thursday    Gold prices fall on Thursday    Egypt, Volkswagen discuss multi-stage plan to localise car manufacturing    Egypt denies coordination with Israel over Rafah crossing    Egypt to swap capital gains for stamp duty to boost stock market investment    Egypt tackles waste sector funding gaps, local governance reforms    Egypt, Switzerland explore expanded health cooperation, joint pharmaceutical ventures    Egypt recovers two ancient artefacts from Belgium    Private Egyptian firm Tornex target drones and logistics UAVs at EDEX 2025    Egypt opens COP24 Mediterranean, urges faster transition to sustainable blue economy    Egypt's Abdelatty urges deployment of international stabilisation force in Gaza during Berlin talks    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dubai retailer MAF moves closer to Egypt supermarket deal: Sources
After concluding due diligence process, Majid Al Futtaim inches closer to buying Egypt's Metro chain and discount grocery store Kheir Zaman
Reuters Published in Ahram Online on 29 - 04 - 2013

Dubairetailfirm Majid Al Futtaim (MAF) is in advanced discussions to buy Egypt's largest supermarket chain from family-owned Mansour Group, two sources said on Monday.
A due diligence process for the purchase of Mansour Group's Metro chain and discount grocery store Kheir Zaman has been concluded, one source said, speaking on condition of anonymity as the matter is not public. The Mansour Group'sretailbusinessis worth an estimated $200 million to $300 million.
Both companies have agreed to go ahead with the deal and some minor details are now being cleared, the source said.
The transaction shows the growing interest of Gulf companies in expanding into the region's most populous Arab country at a time when valuations are low due to the economic instability following the Arab Spring.
Mansour Group, also the largest distributor of General Motors cars inEgypt, has been looking to sell Metro and Kheir Zaman since last year. MAF chief executive Iyad Malas told Reuters in January that the deal was in the due diligence stage.
MAF, which is the sole franchisee of French hypermarket chain Carrefour in the Middle East, declined to comment on the report. Mansour Group was not immediately available to comment.
The Egyptian group is also a shareholder in French bank Credit Agricole's Egyptianbusinessand runs McDonald's Corp's chain in Egypt among its other businesses.
Metro is one of Egypt's largest supermarket chains with more than 40 outlets in 10 cities. Kheir Zaman, a discount grocery store, has over 2,000 employees and 30 stores throughout the country.
Unlisted MAF, which also runs nearly a dozen malls across the Middle East and North Africa, is keen on expanding in Egypt through acquisitions, according to one Dubai-based banking source who is aware of the discussions. Carrefour Egypt, which has 13 outlets across the country, is a joint venture between MAF and the French retail group.
Cash-rich Gulf investors remain interested in increasing their presence in Egypt despite the political turmoil in the country. In the banking sector, Gulf groups have taken advantage of a retreat by Europeanbanksin the aftermath of the financial crisis.
BNP Paribas has sold its Egyptian arm for $500 million to Dubai lender Emirates NBD. And Societe Generale also agreed to sell its majority stake in National Societe Generale Bank to Qatar National Bank for $2 billion.
http://english.ahram.org.eg/News/70342.aspx

Clic here to read the story from its source.