Qalaa Holdings has announced that its subsidiary MENA Glass Ltd. has signed agreements for the sale of the entirety of its stake in Misr Glass Manufacturing Company (MGM) to Middle East Glass Manufacturing Company, and the entirety of its stake in United Glass Company (UGC) to MGM Holding, at a combined equity value for 100% of both MGM and UGC of EGP 828 million.
Qalaa Holdings currently has an effective ownership of 15.2% in MGM and UGC.
The exit is helping accelerate the delivery of Qalaa’s FY15 strategy, with its key elements being deleveraging at the holding and platform company levels; acquisition of additional stakes in key platform companies; selective investments within existing platform companies; and share buybacks so long as the company’s shares trade at a significant discount to their fair market value.
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcement.com/africa-middle-east/08012016/qalaa-holdings-signs-agreements-sell-company-stakes-285/