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FINANCIAL NEWS
Egypt’s Qalaa Holdings signs deal for USD 103.9mn
28 Dec 2015
(MENAFN) Qalaa Holdings signed agreements to sell its whole stake in Misr Glass Manufacturing Company (MGM) and United Glass Co. (UGC) for USD 103.9mn.
As stated from the company, the agreeing sides expect to settle the closing in the first quarter of 2016, as soon as the buyers finish their funding of the transactions.
This comes as part of the company’s current change from a hybrid private equity firm into an investment company that will hold majority stakes in 5 core industries; energy, transportation, agrifoods, mining and cement.
Moreover, the company reported USD 10.6mn in net losses over the second quarter of 2015, an improvement upon last year’s losses of USD 23.64mn.
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