Zuber Issa, co-founder of EG Group, intends to relinquish his role as co-chief executive of the petrol station empire he helped to build.
Zuber’s departure would leave his brother Mohsin Issa at the helm of the business.
Salim Hasan, EG Group’s chief operating officer, also plans to step down. However, these changes are contingent upon Zuber Issa finalising a deal to acquire certain sites from EG Group, according to details outlined in a bond prospectus seen by Bloomberg News.
EG Group investors have been informed the firm is in “active discussions with Zuber regarding the sale” of UK assets.
Reports suggest that Zuber Issa had been exploring the sale of his 22.5% stake in Asda, to redirect his focus on EG Group, and reaching out to retailers and private equity firms seeking £500m for his shares.
This move coincides with his brother Mohsin’s announcement that he would be stepping back from day-to-day operations at Asda and intends to appoint a new CEO.
Bloomberg also reported that EG Group is considering selling its Australian business after writing down its value twice since its AUS$1.73bn (£900m) acquisition in 2018.
An EG Group spokesperson stated that the company regularly reviews its portfolio, adding: “If an asset is potentially more appropriately owned by a third party, then the board will consider it.”
No comments yet