• Thursday, October 21, 2021
India Corona Update 
Total Fatalities 452,651
Total Cases 34,108,996
Today's Fatalities 197
Today's Cases 14,623
Pakistan Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Sri Lanka Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Bangladesh Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
UK Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
India corona update 
Total Fatalities 452,651
Total Cases 34,108,996
Today's Fatalities 197
Today's Cases 14,623

Business

Issa brothers may offload Australian fuel stations

Zuber and Mohsin Issa

By: Chandrashekar Bhat

ISSA brothers are believed to be weighing their options to sell their fuel stations in Australia.

The Blackburn-based co-owners of EG Group hired advisers to trim their petrol station portfolio, a step that, if successful, would help them partly retire their debt, according to media reports.

They snapped up 540 fuel convenience sites Down Under from Woolworths in a £910-million deal about two years ago, before their unsuccessful attempt to acquire 2,000 filling stations of Caltex Australia.

Mohsin and Zuber Issa also inorganically expanded their business empire by acquiring the Asda supermarket chain from Walmart and buying out fast food restaurant chains.

It was reported last week that Canadian multinational Alimentation Couche-Tard evinced interest to buy EG Group’s fuel stations.

EG Group, however, refused to confirm or deny the reports, saying it “regularly works with its advisers to explore a wide range of options to create value in its portfolio.”

As the recent acquisitions by the brothers pose legal hurdles in selling their UK business, any sales are expected to be restricted to its international operations.

Having started their fuel retail business in the early 2000s when they bought their first fuel station in Bury, Greater Manchester, the billionaire brothers along with TDR Capital own a network of 6,000 forecourts across Europe and the US and Australia.

Eastern Eye

Related Stories

Eastern Eye

Videos

Emraan Hashmi, Nikita Dutta and others attend the trailer launch…
Priyanshu Painyuli on Rashmi Rocket, experience of working with Taapsee…
Taapsee Pannu on Rashmi Rocket, her physical transformation, trolls and…