"We will not proceed with Omar Effendi deal," said the Arab Investment and Development group (AID), as it announced its decision to not go through with its deal to buy the heavily indebted retail chain.

In its statement, AID said that the previously signed contract was annulled as the results of the due diligence report were unsatisfactory.

AID share fell in the stock market by 1.03 per cent, declining to LE0.96 per share.

Omar Effendi was established in 1856 and is one of Egypt's most famous stores chain. It has been the object of criticism since its privatisation in 2006.

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