Qalaa Holdings finishes $114.2mn Sphinx Glass sale

Saudi Arabia's CPC Emirates makes purchase

NEWS, Business, Construction Products Holding Company, CPC Emirates, Qalaa Holdings, Sphinx Glass

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.

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020