Saudi-based Construction Products Holding Company (CPC) said on Monday it has bought Egypt's Sphinx Glass for $190 million.
The company, which has its headquarters in Jeddah, said in a statement that it has acquired 100 percent of shares in Sphinx, with the aim of increasing its revenues to $63.2 million this year from $55 million in 2013.
It added that Sphinx Glass has a paid-up capital of $80 million.
Commenting on the takeover, Faysal Alaquil, CPC's director of business development, said: "The acquisition of Sphinx Glass would support Sphinx's works in the next phase, both inside and outside Egypt."
He said Sphinx Glass plans to establish an integrated industrial system in Egypt to meet the growing demand for float glass in local and export markets.
Riad Kiwan, chief operating officer, added: "The Egyptian market is expecting a large constructional boom under the new government's directives for building millions of residential units for low-and middle-income people."
Sphinx Glass has a factory with a production capacity of 600 tonnes in Sadat City, north of Cairo.
CPC provides a wide range of construction materials including precast, glass, aluminum, steel, and concrete.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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