German distributor Metro denies firm plans in Egypt
German distribution giant Metro said Friday, April 20, it had no concrete plans to develop a network in Egypt, after a German diplomatic source said it would invest more than €100 million there.
"We are in discussions with the economics ministry in Cairo," a Metro spokesman told AFP, before adding that the group "does not have a concrete project" in Egypt for the time being.
A German diplomatic source had said Thursday that Metro would this year develop a network of 15 bulk-sales stores dealing mainly in locally produced items.
Metro's overall plan called for investment of 200 million marks (€102 million, $92 million) in Egypt, the source had said. — (AFP, Duesseldorf)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)