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FINANCIAL NEWS
Dubai- MAF gets rid of 75% Iranian Carrefour stake
24 Jan 2013
(MENAFN) Majid Al Futtaim (MAF) Holding’s CEO, Iyad Malas, stated that on December 31, the company has transformed its 75 percent stake in Carrefour supermarket franchise in Iran to Majid Al Futtaim, its shareholder and founder, reported Arabian Business.
Malas said that Paris-based Carrefour will still own its 25 percent stake of the brand in the Islamic Republic.
The CEO attributed the move to international sanctions imposed on Iran that could affect the company’s ability to draw investors.
He stressed that the firm had adhered to sanctions imposed in recent years, noting that nothing was imported; with everything produced or available locally.
It is worth noting that in 2012, Iran accounted for 4 percent of MAF Holding revenue, down from 8 percent in 2011.
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