New owners of Alfa Market plan EGP 80 mn in investment in 2H2020

INVESTMENT WATCH- Alfa Market is planning to invest EGP 80 mn in the second half of 2020 to open two new branches in Greater Cairo, Al Mal reported, quoting one of its new shareholders, Mamdouh El Amin. El Amin and two other unnamed local investors recently acquired Alfa Market for an undisclosed amount. The retail chain had some EGP 150 mn in outstanding debt to suppliers and open credit lines at the time of acquisition, El Amin said. The company’s new management is working on a turnaround strategy for the company, which used to be a household name, he said.