{"id":605895,"date":"2023-09-07T00:00:00","date_gmt":"2023-09-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/07\/awlad-ragab-to-sell-egp-850-mn-in-assets-to-pay-debts-asharq\/"},"modified":"2023-09-07T00:00:00","modified_gmt":"2023-09-07T00:00:00","slug":"awlad-ragab-to-sell-egp-850-mn-in-assets-to-pay-debts-asharq","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/07\/awlad-ragab-to-sell-egp-850-mn-in-assets-to-pay-debts-asharq\/","title":{"rendered":"Awlad Ragab to sell EGP 850 mn in assets to pay debts -Asharq"},"content":{"rendered":"

Awlad Ragab is shutting down more of its branches: <\/strong>Supermarket chain Awlad Ragab is liquidating some EGP 850 mn worth of assets before the end of the year in an attempt to avoid default, a company official is quoted as telling As<\/a> harq Bus<\/a> iness<\/a>. The company is selling eight branches, a factory, and a warehouse to repay part of its dues to banks, leasing companies, and suppliers, the news outlet reported. <\/p>\n

A shift in strategy: <\/strong>Awlad Ragab plans to use part of the proceeds to reopen some of its more feasible branches in Cairo, Giza, and four other governorates. <\/p>\n

It\u2019s been a tough year: <\/strong>The company has slashed its branch count almost in half to 43 this year, half of which are rented, according to Asharq. According to its website<\/a>, the supermarket is currently present in a number of governorates including Cairo, Port Said, Marsa Matrouh, Suez, Red Sea, and Beni Suef. <\/p>\n

This comes as no surprise: <\/strong>The indebted supermarket chain has been looking to restructure since January, when owner Mahmoud Ragab revealed that the company has accumulated over EGP 2.2 bn in outstanding debt. The company sold three branches in May for EGP 100 mn, which helped it pay some of its dues, according to local media reports<\/a>.<\/p>\n

Background: <\/strong>Awlad Ragab has been in the industry since before the Open Door policy of President Anwar Sadat, having gotten its start as a wholesaler in 1970. It moved into retail some 20 years later and went on a growth spree in the early 2006s fuelled by both acquisition and organic expansion. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company has closed doors at dozens of branches this year<\/p>\n","protected":false},"author":1,"featured_media":605896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[11568,88,72,564,7128,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-awlad-ragab","tag-debt-watch","tag-enterpriseam","tag-food","tag-ma-watch","tag-retail","wpautop","entry"],"acf":{"mongo_id":"9fffbaed-e66f-493c-b4a4-47ea9bde8a87","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/569.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Struggling Egyptian supermarket chain Awlad Ragab to sell EGP 850 mn in assets -report","related_issue":[605886],"teaser":"The company has closed doors at dozens of branches this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.3d60e632-a467-46c0-845b-f0f65c0e7b6f.mp3"},"yoast_head":"\nAwlad Ragab to sell EGP 850 mn in assets to pay debts -Asharq - 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A recent amendment to the Income Tax Act made it mandatory for companies to file their taxes online starting from January 2020, as part of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647314,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/08\/credit-agricole-egypt-appoint-assem-ragab-as-chairman\/","url_meta":{"origin":605895,"position":3},"title":"Credit Agricole Egypt appoint Assem Ragab as Chairman","author":"enterpriseam admin","date":"8 May 2017","format":false,"excerpt":"MOVES- Credit Agricole Egypt has appointed board member and Mubarak-era GAFI chairman Assem Ragab as the bank\u2019s non-executive chairman. Francois Drion, the former chairman and CEO of Credit Agricole Egypt, will remain the bank\u2019s CEO. Ragab\u2019s appointment awaits CBE approval.","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579001,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/mih-has-a-new-chairman-md-after-basel-el-hini-steps-down\/","url_meta":{"origin":605895,"position":4},"title":"MIH has a new chairman + MD after Basel El Hini steps down","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"Mohamed Mahran (LinkedIn) has been appointed executive chairman and managing director of Misr Ins. Holding (MIH) after Basel El Hini submitted his resignation as MD and non-exec chair of the state-owned company, the Public Enterprises Ministry said (pdf) over the weekend. Mahran has some 35 years of experience in the\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628208,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/27\/sara-samir-nancy-taman-ragab-abdalla-snag-gold-at-mediterranean-games\/","url_meta":{"origin":605895,"position":5},"title":"Sara Samir, Nancy Taman, Ragab Abdalla snag gold at Mediterranean Games","author":"enterpriseam admin","date":"27 June 2018","format":false,"excerpt":"Olympic weightlifter Sara Samir clinched a gold medal in the women\u2019s 69 kg class at the 2018 Mediterranean Games yesterday, the official website for the tournament shows. 23-year-old Nancy Taman also won a gold medal in artistic gymnastics, while Ragab Abdalla won the gold medal for the men's weightlifting 94\u2026","rel":"","context":"In "Sports"","block_context":{"text":"Sports","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/_newspack_sports\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/15.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=605895"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605895\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/605886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/605896"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=605895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=605895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=605895"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=605895"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=605895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}