Banner
Filtraglass
Falorni Tech Glass Melting Technology

GAIC acquires stake in United Neutral Glass

Gulf Arab Investment Company (GAIC), a Cairo-based investment company, along with a number of its strategic shareholders has acquired 58% stake in United Neutral Glass Co. (UNG), a leading manufacture…

Gulf Arab Investment Company (GAIC), a Cairo-based investment company, along with a number of its strategic shareholders has acquired 58% stake in United Neutral Glass Co. (UNG), a leading manufacturer of specialist high quality packaging for the pharmaceutical industry. Bahrain International Bank, which has a stake in GAIC announced that the partners of GAIC in this transaction are Gulfinvest International KSC and other strategic shareholders who have committed US$ 14.8 million in the US$ 16.1 million capital increase of UNG. The UNG shall use the proceeds of the capital increase to build the first Middle Eastern manufacturing facility for the production of neutral glass tubes in accordance with international quality standards and to expand its current production of glass ampoules and vials. The neutral glass tubes are the principal raw materials for the production of glass packaging products for the pharmaceutical industry. “Our company focuses on selective private equity investment opportunities in Egypt,” said Chairman of GAIC, Sami Kaiksow. “UNG uses state-of-the-art technology, capitalizes on competitive factors of production that Egypt offers, and is managed by a professional management team with an excellent track record. Together with our partners in this transition, we shall complement that by supporting the management team to achieve UNG“s business plans.”

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news