UAE group buys Ramstore retail chain in Azerbaijan
BAKU – Migros Ticaret AS, Turkey’s biggest supermarket chain, has sold its Ramstore retail stores in Azerbaijan to UAE’s Intersun Holding.
Migros said in a statement that the Dubai-based Intersun Holding FZCO acquired all of its stock in Ramstore, which runs three stores in the country, for $14.3 million, according to an agreement signed by the two companies. The down payment makes up $250,000, while the rest will be paid out in installments.
Migros General Manager Omer Ozgur Tort said the company had decided to shut down its business in Azerbaijan due to its "increasing interest in profitable and fast-growing markets outside Turkey, such as Kazakhstan".
Intersun Holding is the founder of the Baku-based Azersun Holding, which is a shareholder in the Azerbaijan Senaye (Industry) Banki.