Abraaj appears to be nearing an EGP 700 mn exit of Spinneys Egypt, with one bidder now starting due diligence in a process on which the emerging markets private equity outfit is being advised by Pharos Holding, sources tell Al Borsa. Abraaj received three bids for the sale in the supermarket, which has six branches between Cairo, Giza, Alexandria, and Hurghada. Saudi’s Panda did not offer the winning bid, the newspaper reports its source as saying, claiming the transaction should wrap within a month.