15 May 2013
Dubai: Majid Al Futtaim (MAF) Holding expects to complete in a "few weeks" talks with Egypt's Mansour Group for the acquisition of its Metro supermarket chain, said an official at the Dubai-based company also known as MAF.
The due diligence has been completed and the discussions are progressing, MAF Group Treasurer Daniele Vecchi said in a telephone interview from Dubai on Monday. "The acquisition is of interest because Egypt is a market where we have been now for more than 10 years," he said.
"It's a good opportunity to keep building on the platform that we have there." MAF, which operates Carrefour SA retail franchise in 19 countries across the Middle East and Central Asia, won't need new funding from banks nor to sell debt in order to complete the acquisition, he said, declining to specify its value. "We have cash on the balance sheet and we have available lines" of credit, he said.
Dubai: Majid Al Futtaim (MAF) Holding expects to complete in a "few weeks" talks with Egypt's Mansour Group for the acquisition of its Metro supermarket chain, said an official at the Dubai-based company also known as MAF.
The due diligence has been completed and the discussions are progressing, MAF Group Treasurer Daniele Vecchi said in a telephone interview from Dubai on Monday. "The acquisition is of interest because Egypt is a market where we have been now for more than 10 years," he said.
"It's a good opportunity to keep building on the platform that we have there." MAF, which operates Carrefour SA retail franchise in 19 countries across the Middle East and Central Asia, won't need new funding from banks nor to sell debt in order to complete the acquisition, he said, declining to specify its value. "We have cash on the balance sheet and we have available lines" of credit, he said.
© Times of Oman 2013
