Egypt’s Awlad Ragab plans to sell assets for EGP 850mln

Awlad Ragab, one of largest retailer chains in Egypt, is seeking to sell assets of about 850 million Egyptian pounds before the end of this year to settle its debts, according to a company official who told Asharq Business.

These assets will include eight branches, factories and warehouses, this came as a solution of the group’s sufferance from worsening debt and successive interest rate hikes in Egypt since the beginning of 2022, prompting it to give up some assets.

The Central Bank of Egypt (CBE) raised the interest rates by 100 basis points to reach 19.25 percent last month, with aims to avoid inflationary pressures and control inflation expectations.

Awlad Ragab is an Egyptian retail group, founded at 1970 and considered the oldest retail group in Egypt, working in the supermarket fields. The group currently consist of 5,000 employees and serves 1,000,000 customer each month.