Qalaa Holdings signs agreement for Sphinx Glass

Qalaa Holdings, an African leader in infrastructure and industry, and Saudi Arabia's Construction Products Holding Company (CPC), through its subsidiary CPC Emirates, announced that they have signed today a sale and purchase agreement for the sale to CPC of 100% of Sphinx Glass.

The size of the transaction will imply an enterprise value of around US$ 180 million (EGP 1,280 million), which translates into a cash consideration of US$ 114.2 million (EGP 815 million) for 100% of the shares after deducting debt and liabilities to be assumed by CPC.The transfer of cash and shares is expected to conclude in July.

Qalaa Holdings' 73.3% stake in Sphinx Glass will result in cash proceeds of around US$ 73 million (EGP 521 million)to Qalaa Holdings after the estimated capital gains tax.