Qalaa Holdings finishes $114.2mn Sphinx Glass sale
Saudi Arabia's CPC Emirates makes purchase
Qalaa Holdings (formerly Citadel Capital) has sold 100% of Sphinx Glass to Saudi Arabia's Construction Products Holding Company (CPC), through its subsidiary CPC Emirates.
The total value of the transaction is $114.2mn (EGP816mn) while Sphinx Glass employed capital is EGP430mn ($60.1mn).
Qalaa Holdings' 73.3% stake in Sphinx Glass will result in cash proceeds of around $71mn (EGP508mn) to Qalaa Holdings after the estimated capital gains tax.
Sphinx Glass is a 200,000-ton-per-annum, state-of-the-art float glass production facility that began full operations in April 2010 and is today one of the largest independently operated float glass producers in the MENA region.
In addition to being a key player in the Egyptian market, Sphinx Glass is also a significant regional and international exporter.
The company, which recorded EGP393mn ($54.9mn) in sales in 2013 and is currently on target to exceed its budget for the second consecutive year, specialises in the production of clear and tinted float glass and online coated glass in varying thicknesses.