{"id":607516,"date":"2023-10-04T00:00:00","date_gmt":"2023-10-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/bidders-line-up-for-a-piece-of-middle-east-glass\/"},"modified":"2023-10-04T00:00:00","modified_gmt":"2023-10-04T00:00:00","slug":"bidders-line-up-for-a-piece-of-middle-east-glass","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/bidders-line-up-for-a-piece-of-middle-east-glass\/","title":{"rendered":"Bidders line up for a piece of Middle East Glass"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> The race for Gulf Capital\u2019s stake in Middle East Glass is on: <\/strong>Africa-focused private equity firm Development Partners International (DPI) has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bd14349-80de-438e-8b32-f29273c4ad8f\" style=\"\" rel=\"noopener\">joined the<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bd14349-80de-438e-8b32-f29273c4ad8f\" style=\"\" rel=\"noopener\">race<\/a> for Gulf Capital\u2019s entire 37% stake (23.1 mn shares) in EGX-listed bottle maker <a target=\"_blank\" href=\"https:\/\/www.meg.com.eg\/\" style=\"\" rel=\"noopener\">Middle East Glass<\/a>(MEG), unnamed sources reportedly told <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PFeZ15\" style=\"\" rel=\"noopener\">A<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PFeZ15\" style=\"\" rel=\"noopener\">l<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PFeZ15\" style=\"\" rel=\"noopener\">M<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PFeZ15\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PFeZ15\" style=\"\" rel=\"noopener\">l<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Also in the race: <\/strong> Impact investor Mediterrania Capital Partners and a number of other unnamed bidders are interested in acquiring the minority stake in the company, the newspaper <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LNkFoD\" style=\"\" rel=\"noopener\">reported<\/a> in August. Neither DPI nor Mediterrania returned requests for comment yesterday when we reached out.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Where things currently stand: <\/strong>The bidders are currently doing due diligence on MEG, the sources said. Gulf Capital is still receiving offers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who owns what? <\/strong>Parent firm MENA Glass Holding holds 53% of MEG, while Gulf Capital\u2019s 37% stake (owned through special purpose vehicle MTM Packaging 2) makes it the second-largest shareholder. ICG Holdings owns 6%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Advisors: <\/strong>Arqaam Capital is acting as the sell-side advisor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DPI has been loving Egypt: <\/strong> The London-based private equity outfit has acquired minority stakes in local pharma player <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7dcb2079-d73d-407e-ab3e-2042f30deb93\" style=\"\" rel=\"noopener\">Marcyrl<\/a> and supermarket chain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/989c9ce4-ad8e-4be1-b014-076b770f7ff4\" style=\"\" rel=\"noopener\">Kazyon<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DPI and Mediterrania Capital Partners are doing due diligence on the company<\/p>\n","protected":false},"author":1,"featured_media":607517,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[3286,72,1264,125,7128,2548,7425,758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-dpi","tag-enterpriseam","tag-gulf-capital","tag-investment-watch","tag-ma-watch","tag-mediterrania-capital-partners","tag-middle-east-glass-manufacturing-company","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"e7b24464-db51-40cd-83db-af04a5115c37","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/276.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DPI joins race for stake in Middle East Glass","related_issue":[607507],"teaser":"DPI and Mediterrania Capital Partners are doing due diligence on the company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.92246975-11d6-4c06-ae7b-cd0a846b3ad3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bidders line up for a piece of Middle East Glass - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/bidders-line-up-for-a-piece-of-middle-east-glass\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bidders line up for a piece of Middle East Glass\" \/>\n<meta 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