Egypt: sell-off of El Nasr Glass plants

A sealed bid tender has been announced to sell three plants owned by El Nasr Glass and Crystal Co. an affiliate of Egypt“s state-owned Holding Company for Metallurgical Industries (HCMI). The tender …

A sealed bid tender has been announced to sell three plants owned by El Nasr Glass and Crystal Co. an affiliate of Egypt“s state-owned Holding Company for Metallurgical Industries (HCMI). The tender for sale to a strategic investor or a group of investors, was reported on 8 June 2003. The offer includes an ornamental glass and tableware plant, a medical ampoules plant and a factory making test tubes and glass containers. El Nasr Glass and Crystal Co was founded in 1932 and nationalised in 1961. It also makes sheet glass, glass reinforced polyester and tempered glass. The company has an authorised capital of EGP 60 million (USD 10 million/EUR 8.5 million) and an issued and paid-up capital of EGP 30 million (USD 5.0 million/EUR 4.2 million), divided into shares at a par value of EGP 10.