SEII soon to acquire 70% of MIH subsidiary: Saudi Egyptian Industrial Investment (SEII) will “within weeks” finalize an agreement with the state-owned Metallurgical Industries Holding Company (MIH) to acquire 70% of its subsidiary El Nasr Glass and Crystal Company, Public Enterprises Minister Mahmoud Esmat was quoted as telling Asharq Business yesterday. SEII would acquire the shares through a capital increase, Esmat said, without disclosing the value of the investment.

We knew this was coming: MIH and SEII signed an MoU back in March to increase the capital of El Nasr Glass and Crystal. Asharq reports that El Nasr Glass and Crystal is 50% owned by MIH, with the remaining 50% held by the National Investment Bank (NIB). SEII is 50% owned by the Saudi Finance Ministry and 50% owned by NIB, according to its website.

The investment will help localize our renewables industry: The Saudi investment will be used to add production lines making glass panels used in solar plants.

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