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El-Nasr up for bid

Egypt strategic investors have been invited to bid by 1 July for the purchase of El-Nasr Glass & Crystal Company, Egypt“s leading manufacturer of glass containers, according to Middle East Economic D…

Egypt strategic investors have been invited to bid by 1 July for the purchase of El-Nasr Glass & Crystal Company, Egypt“s leading manufacturer of glass containers, according to Middle East Economic Digest. The company is registered as an affiliate of the Metallurgical Industries Holding Company, which owns a 50% stake. The National Investment Bank holds the remaining 50%. It has two plants, at Mostorod and Yassin, and recorded sales of E 86.6 million (US$ 22.5 million) in 1999/2000 (July-June). It made a net loss of E 7.9 million (US$ 2 million), although its gross profit rose by 84% to E 17.3 million (US$ 4.5 million). The company says that by the end of 2000/01, it will have paid off all of its long-term debt. The only area of concern is the high level of inventory, the company says.

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