The race for Gulf Capital’s stake in Middle East Glass is on: Africa-focused private equity firm Development Partners International (DPI) has joined the race for Gulf Capital’s entire 37% stake (23.1 mn shares) in EGX-listed bottle maker Middle East Glass(MEG), unnamed sources reportedly told A l M a l.

Also in the race: Impact investor Mediterrania Capital Partners and a number of other unnamed bidders are interested in acquiring the minority stake in the company, the newspaper reported in August. Neither DPI nor Mediterrania returned requests for comment yesterday when we reached out.

Where things currently stand: The bidders are currently doing due diligence on MEG, the sources said. Gulf Capital is still receiving offers.

Who owns what? Parent firm MENA Glass Holding holds 53% of MEG, while Gulf Capital’s 37% stake (owned through special purpose vehicle MTM Packaging 2) makes it the second-largest shareholder. ICG Holdings owns 6%.

Advisors: Arqaam Capital is acting as the sell-side advisor.

DPI has been loving Egypt: The London-based private equity outfit has acquired minority stakes in local pharma player Marcyrl and supermarket chain Kazyon.

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