Omar Effendi department store chain sold to Egyptian investor

Gamil al-Qanbit, the Saudi owner of iconic Egyptian department store chain Omar Effendi, has sold his 85-percent stake in the company to Egyptian businessman Yassin Aglan for a total of LE220 million.

According to the purchase agreement, which was signed on Thursday, Aglan will assume all the company's outstanding debts, said to amount to some LE670 million.

Informed sources said that Egyptian Stock Market officials would be briefed on the sale right away. They also predicted that grievances on the part of company employees–who were not going to receive their salaries this month due to a lack of funds–would be quickly resolved.

Translated from the Arabic Edition.

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