94
locations in 11 countries
Carrefour
has sold its remaining stake in the joint venture Majid Al Futtaim
Hypermarkets, to its regional partner Makid Al Futtaim Holding. The French
distributor and MAF Holding have been partners since 1995 and exploited 50
hypermarkets and 44 supermarkets in 11 countries in the Middle East, North
Africa and Central Asia.
The ties
between both players will not be cut completely: the exclusive franchise
partnership was confirmed until 2025 and will be expanded to other countries
and other formats.
(Ex-)partner
grows while Carrefour shrinks
MAF Holding
has big plans for expansion: the holding is said to be interested in the
largest supermarket chain of Egypt, which is currently owned by the family
holding Mansour Group. All this while CEO of Carrefour, Georges Plassat, is
working on shrinking down the group to its core markets, where Carrefour is the
strongest, to help the group bounce back financially.
According
to press agency Reuters MAF Holding would finance the takeover through a so-called hybrid bond, that combines debts and shares.
