Frigoglass has terminated its agreement to sell its glass business in Dubai and Nigeria to GZ Industries (GZI).

The agreement was signed with GZI in May 2015, but a condition of the terms has not been met.

GZI did not secure the necessary level of debt financing for the acquisition, as a result of a change in regulations that restricts the ability to leverage Beta Glass, and the current adverse macroeconomic conditions in Nigeria.

Amended offers were made by GZI, but these were declined by Frigoglass’ Board of Directors.

GZI will continue to develop opportunities in Sub-Saharan Africa as its target markets continue to show growth.