South African retailer Metro Cash & Carry has announced it is to offload the bulk of its Israeli interests.
It is to sell its stake in Club Market Marketing Chains, a food retailer, for US$28m in cash. The buyer is Elleren Investments, listed on the Israel Stock Exchange. The cash generated by the sale will go to pay down group debt.
For the time being, Metro will retain its 90% share in New-Pharm Drug Stores, a pharmacy chain, and a 100% of Mashbir Food, its wholesale operations.