A venture controlled by Yemeni investor Shaher Abdel-Hak is poised to win the contest to buy a glass container factory in north Cairo, offered for sale as part of a privatization programme.
Middle Ea…
A venture controlled by Yemeni investor Shaher Abdel-Hak is poised to win the contest to buy a glass container factory in north Cairo, offered for sale as part of a privatization programme. Middle East Glass, an affiliate of Abdel-Hak“s MAC Investments, submitted the highest price of E 63.5 million (US$ 18.5 million) in the third round of bidding for the Mostorod plant of state-owned El-Nasr Glass. The plant is being sold by the Mining & Refractories Holding. The main rival to Middle East Glass was Al-Ahram Beverages, which declined to go above the second-round top price of E 63 million (US$ 18.3 million). A decision on the sale is expected to be taken in early June at a general assembly of the holding company. Middle East Glass produces glass containers for the food and beverage industry. El-Nasr Glass produces bottles and jars, as well as ampoules for pharmaceuticals. MAC owns 58% of El-Nasr Bottling Company, which produces Coca-Cola and other soft drinks. A MAC spokesman said the acquisition of El-Nasr Glass will position the group to expand its business in light of the rapid increase in consumption of alcoholic and non-alcoholic beer, as well as wine.