Zuber and Mohsin Issa, founders of EG Group. Photograph: PR
New owners of Asda, Mohsin and Zuber Issa, have sold off significant stakes in EG Group to an Abu Dhabi sovereign investor and two Canadian pension funds, reported to be worth hundreds of millions of pounds. According to Sky News, the Abu Dhabi Investment Authority, which owns 6,000 petrol forecourts worldwide, has increased its stake in Asda. Canada’s Alberta Investment Management Corporation, which owns London City airport, and PSP Investments, have also acquired stakes in the group.
EG Group’s EBITDA soared 90.5% higher between June and September, reaching US$478 million. Food service was the category that saw strongest growth (+74.8%), reaching $112 million. Gross profit in the group’s grocery and merchandise category rose 51.9% to $374 million.
EG Group has stated that the selling off of its stakes will not result in any change in the group’s ownership.