Mohsin and Zuber Issa spent $1.7 billion to buy hundreds of Australian petrol stations in 2018 - but are now looking to sell.
The convenience retail and gas station operator is eager to sell a business unit it has already had to write down in value twice, according to a person who asked not to be identified discussing confidential information.
Zuber recently revealed a plan for him to step down as co-chief executive officer of EG, leaving the company in the hands of his older brother Mohsin, according to a bond prospectus seen by Bloomberg News. Chief operating officer Salim Hasan also intends to step down. Those changes will only happen once Zuber completes his own deal to buy a number of sites from EG Group, according to the document.
Later in the year, EG also raised $US500 million of private bonds which allow it to pay interest with additional debt rather than in cash, on top of $US1.6 billion equivalent public bonds. In both 2021 and 2022, EG wrote down the goodwill value of its Australian business by $100 million, according to its annual results. The unit recorded a 15 per cent drop in Ebitda in 2023, according to an investor presentation released on March 4.
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