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Izdhar offered to purchase Spinneys Egypt

Sunday 23 September 2018 06:07 PM

Spinneys Egypt.
Spinneys Egypt.

By Eman El-Kady
Izdhar, a private equity firm, offered to purchase Spinneys Egypt owned by the private equity firm of UAE's Abraaj.
" With it being already targeted by other purchasing offers, Spinneys is mulling them and  conducting due diligence, as a deal may be clinched within a month," informed sources told Al-Mal newspaper.
Pharos Financial Holding Co., acting as the financial consultant of the deal, is collaborating with committee commissioned with liquidating Abraj, dismissing any prospect for obstructing the buyout as a result of the crisis that is gripping Abraaj at the time being, the sources continued.  
A court in Caymen Islands named  BWC Consulting to act as temporary liquidator of Abraj Holding and Dewlet as temporary liquidator of Abraj Investment Management Ltd.
Abraaj, the largest Middle East  private equity firm, is heading towards complete dismantling with it finalizing the liquidation process. Additionally, several institutions are filing acquisition offers, notebly Abu Dhabi Financial and Actis Private Equity firm.
Abu Dhabi government decided to halt Abraaj's all new operations after claims it had misused investor funds. Also, Abraaj founder Arif Nagvi is facing  several lawsuits.
From among 12 world-class retailers, Spinneys Egypt, alongside Carrefour, are two biggest tradermarks operating in Egypt in terms of value, market share and revenues, according to official statistics released by Domestic Trade Development Agency.