Zuber Issa, one-half of the billionaire brothers who own Asda, is set to buy his brother out of parts of their petrol station business EG Group, according to reports today.
It comes as the two attempt to separate their fortunes, despite Mohsin denying a rift has built up between the brothers after it was revealed he had sparked up a relationship with a former EY partner.
Investors of EG group were detailed on the plans and have been told that the petrol forecourt giant is in “active discussions with Zuber Issa regarding the sale” of UK assets.
Last month, it was revealed Zuber was considering selling his 22.5% stake in Asda, which is run by his brother.
However, last week, Mohsin revealed he would be stepping back from day-to-day operations at Asda as part of a “reset” that will see the appointment of a new chief executive.
Any sales of EG Group assets are said to be used to pay down its £4.7 billion debt pile, as the bosses begin “tidying up our estate”, according to reports.
Investors were also told that EG Group would be reducing its investment from US$243 million in 2023 to US$90 million in 2024.