Saudi-based Construction Products Holding Company (CPC) has announced that it has completed a deal to buy Egypt's Sphinx Glass for $180 million.
CPC, which has its headquarters in Jeddah, said in a statement that it has acquired 100 percent of shares in Sphinx from Qalaa Holdings.
It said it spent $114.2 million on the shares sale with the remainder being used to reduce debts and liabilities.
"Qalaa Holdings has developed a state-of-the-art plant that serves domestic and international markets," said Saleh Binladen, chairman of CPC, Saudi Arabia's largest manufacturer of building materials.
"Sphinx Glass is one of the most technologically advanced float glass producers in Egypt and is managed by a highly professional team. It is a perfect complement to our existing portfolio of building materials manufacturing facilities and an important step in our expansion drive in Egypt and the region."
Mu'taz Sawwaf, vice chairman, added: "We are quite pleased to have successfully concluded the acquisition of Sphinx Glass. This key acquisition comes at a time when CPC is expanding into the very promising African market and I am confident that this acquisition will position CPC as one of the major players in the glass and aluminum sectors in the region.
"We are planning to increase productivity, both in terms of product range and capacity, by making further investments focused on technology, research and development."
Sphinx Glass is a 200,000-tonne-per-annum, 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.
The company specializes in the production of clear and tinted float glass and coated glass in varying thicknesses.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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