Saudi Egyptian Industrial Investment to acquire 70% of El Nasr Glass and Crystal Company

Saudi Egyptian Industrial Investment (SEII) to acquire 70% of state-owned Metallurgical Industries Holding Company (MIH) subsidiary, El Nasr Glass and Crystal Company within weeks. Minister of Public Business Sector, Mahmoud Esmat told Ashraq Bloomberg. 

This comes after MIH and SEII signed an agreement that aims to develop and increase the capital and pump new investments in El Nasr Glass and Crystal Company.

Minister Esmat also stated that a development plan for El Nasr Glass and Crystal Company is under the works, which includes adding a new production line for the manufacture of glass panels used in cells generating electricity from solar energy to meet the needs of the Egyptian market.

This comes in line with Egypt’s economic reforms and its IPO program that aims to raise the contribution of the private sector from 30% to 65% within three years. Last week, The Suez Canal Economic Zone’s (SCZone) board of directors approved the selling a 20% stake in Port Said Container and Cargo Handling (PSCCHC) in an IPO on the Egyptian Exchange (EGX)