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EG Group co-founder Zuber Issa is reportedl considering stepping down as co-chief executive officer, leaving the company in the hands of his brother, according to Bloomberg.
The move will reportedly happen only after Issa completes the acquisition of a number of sites from EG Group. Chief operating officer Salim Hasam will reportedly step down as well.
Earlier in February, it was revealed that Issa was exploring a sale of his 22.5% stake in Asda, following the group’s acquisition of the food retailer in 2021, to focus more on the group’s petrol station business.
The latest transaction is part of a number of moves the group has agreed to in order to lower its debts.
EG Group reduced its growth capex by 37% last year to £191m in what executives called a “controlled reduction” to maximise liquidity. The group is understood to have paid down its debt pile from £7.89bn at the start of 2023 to £4.73bn by the end.
Bloomberg also revealed that the business is looking to sell its Australia business after just over five years in the country. In 2018, the group bought 540 gas station sites in Australia for A$1.73bn (£901m).
