Egypt’s Middle East Glass (MEG) Misr company has completed the acquisition of Misr Glass for EGY735 million ($93.8 million).
Misr Glass Manufacturing Company is the second largest container glass manufacturer in Egypt. It has three furnaces and a total production capacity of 141 thousand tons and produces glass containers in flint, amber and green for the domestic and export markets.
MEG Misr is a subsidiary of Middle East Glass Manufacturing Group (MEGM.CA).
MEGM.CA said the acquisition of Misr would allow it to further expand its production capacity, to serve its growing domestic customers’ demand as well as increase its position in the export markets.
MEGM.CA is a packaging group that comprises of Middle East Glass, a 117 thousand tons per annum one-furnace container glass manufacturer, and Wadi Glass, a two-furnace container glass manufacturer. They have a combined production capacity of 237 thousand tons per annum.
MEGM.CA also has a 60% owned subsidiary, Medco Plast Company, the largest plastic bottles (PET) converter in the Egyptian market.
HC Securities & Investment acted as the exclusive financial advisor to MEGM.CA on the acquisition of 100% of Misr Glass’s shares.