27 December 2015       Download

Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in energy and infrastructure, announced today that its subsidiary MENA Glass Ltd. has signed agreements for the sale of the entirety of its stake in Misr Glass Manufacturing Company (MGM), a leading producer and exporter of glass containers across the Middle East and North Africa, to Middle East Glass Manufacturing Company, and the entirety of its stake in United Glass Company (UGC) to MGM Holding, at a combined equity value for 100% of both MGM and UGC of c. EGP 828 million. The agreeing parties expect to finalize the closing in 1Q2016 as soon as the purchasers complete their funding of the transactions.