British supermarket group J. Sainsbury said on Monday, April 9, that it had agreed to sell its Egyptian supermarket chain to a minority partner.
The group said it had reached a preliminary agreement to sell its holding in Sainsbury's-Egypt, launched in 1999.
The sale is expected to generate one-off costs of 100-125 million pounds (€160-€200 million, $144-$181 million), the group said.
Sainsbury's announced last year that it intended to sell its stake in Sainsbury's-Egypt, which despite being a British brand was affected by the calls for a boycott of US and Israeli products.
Shortly after the Palestinian uprising erupted in September last year Egyptian students threw stones at two Sainsbury's supermarkets in the suburban town of Maadi, southern Cairo, convinced the owners were Jewish. — (AFP, London)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com )