Spinneys amends Egypt expansion plans, will still inaugurate three branches

Spinneys is planning to open three new branches during the current fiscal year at a combined cost of EGP 150 mn, CEO Mohanad Adly said, according to Al Mal. He did not specify where the shops might open. The company had said in January it plans to set up six new branches before 2020 is out. The covid-19 outbreak has prompted some delays in the company’s investment plans but the company is still committed to Egypt in the longer term, Adly said.