World Economy

Egypt Glass Company Deal

Egypt Glass Company DealEgypt Glass Company Deal

Qalaa Holdings (formerly known as Citadel Capital), one of Egypt’s largest investment companies, said it has entered into a preliminary agreement with key investors of Misr Glass Manufacturing Company to divest its shares in the company, TradeArabia reported. This comes as part of the company’s move to divest multiple non-core platforms and reduce consolidated debt. As per the deal, Qalaa will be selling its stake in MGM to Middle East Glass Manufacturing Company, an Egyptian shareholding company, headquartered in Nasr City, said the company in a disclosure to the Egyptian Exchange. Qalaa holds an indirect stake equivalent to 15.18% of Misr Glass Manufacturing.