Cairo – Mubasher: Leading Egyptian retailer and supermarket HyperOne has received two offers for the acquisition of a majority stake in the company, Al Mal newspaper reported.
The retailer, owned by businessman Mohamed Al Hawary, said it received an offer from a local Egyptian company and another from a foreign one.
The Egyptian American Enterprise Fund (EAEF) presented one of the offers, informed sources told the newspaper.
The EAEF is a foreign investment firm looking to enter the Egyptian market for the first time.
HyperOne’s management is currently studying the two offers, and has appointed Pharos Holding as independent financial advisor for the deal, the sources said.
The retailer has also appointed law firm Al Tamimi & Company for the legal counsel, they added.
Established in 2005, HyperOne currently has two branches in Egypt, one in Sheikh Zayed City and the other in the 10th of Ramadan city on the Egypt-Ismailia desert road. The company has nearly 2,500 employees operating its branches and head office.
