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Wednesday, 24 February 2021

Foreign investors want minority stake in HyperOne, Carrefour expanding

Unnamed foreign investors and funds are interested in acquiring a 20% stake in Egyptian retail chain HyperOne, Mohamed El Hawary, the chairman of the supermarket chain’s business group, told the local press. Talks are still in very early stages, El Hawary said, without putting an estimated closing time for a transaction.

HyperOne opened a new branch on the outskirts of Cairo in New Sphinx City last summer. The new location, on the Cairo-Alexandria desert road towards the capital’s toll gate, cost the company some EGP 650 mn to get up and running. According to its website, the company has another branch in Tenth of Ramadan City, besides its flagship store in Sheikh Zayed.

IN OTHER RETAIL NEWS-

Carrefour Egypt plans to invest EGP 400 mn to open 20 new branches this year in several governorates, Country Manager Jean Luc Graziato told the local press. These include Cairo, North Coast, Alexandria and Damanhour, and will take the company’s total branch count to 77. March will see the opening of one of four branches planned to open in Omar Effendi’s stores in 2021 as part of a partnership signed in January, he said, adding that another store will launch in coordination with the military’s National Service Products Organization.

Other plans: The company is in talks with real estate developers to roll out two branches in the new administrative capital, Graziato noted, referring to a possible purchase of two land plots offered by the Internal Trade Development Authority.

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