Establishing an Egyptian company for establishing supermarkets with capital of LE 100 million

Some large merchants of consumer goods in Egypt decided to establish a new company for establishing supermarkets with a capital of LE100 million to confront foreign competition inside the Egyptian market, which started with the British Sainsbury company which currently has eight locations all over Cairo and is getting ready to open 65 more all over Egypt. El-Sayed Abdin, head of the grocery department in the trade chambers union, told ArabicNews.com that shares of the new company will be raised for a general subscription later for individuals and merchants who wish to practice this activity.