{"id":640499,"date":"2024-08-27T00:00:00","date_gmt":"2024-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/27\/mena-glass-nearly-doubles-stake-middle-east-glass-to-c-93-7\/"},"modified":"2024-08-27T00:00:00","modified_gmt":"2024-08-27T00:00:00","slug":"mena-glass-nearly-doubles-stake-middle-east-glass-to-c-93-7","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/27\/mena-glass-nearly-doubles-stake-middle-east-glass-to-c-93-7\/","title":{"rendered":"MENA Glass nearly doubles stake Middle East Glass to c 93.7%"},"content":{"rendered":"

MENA Glass ups stake in Middle East Glass: <\/strong>MENA Glass Holding now owns an additional 40.2% of EGX-listed bottle maker Middle East Glass (MEG) after stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction (USD 56.5 mn), according to an EGX bulletin.<\/a><\/p>\n

This is just off MENA Glass\u2019 target: <\/strong>The company\u2019s mandatory tender offer<\/a> that came to a close last week was to acquire an additional 40.8% \u2014 25.5 mn shares \u2014 in MEG in a USD 57.8 mn transaction.<\/p>\n

MENA Glass put forward a tempting offer:<\/strong> Under the MTO, MENA Glass will pay<\/a> USD 2.26 per share, a 774% premium on MEG\u2019s average share price of EGP 12.54 over the six months ending on 21 April. Gulf Capital has agreed to payment terms that will see MENA Glass pay USD 30 mn in cash once the offer expires, with the remaining USD 22.3 mn to be paid in installments.<\/p>\n

So who owns what? <\/strong>MENA Glass now owns c. 93.7% of the company by our math. As for the rest of the company\u2019s shares, IGC Holdings is understood to still hold the remaining 6.3% of the company after it rejected the offer. Gulf Capital, who had been the second largest shareholder after MENA Glass with a 36.9% share, is understood to be now out of the company entirely. <\/p>\n

Advisors:<\/strong> EFG Hermes was tapped to broker the acquisition, while Bahaa Eldin Law Office and MENA Associates acted as the buy-side legal advisor. MEG tapped Tanami Financial Advisory as its independent financial advisor to conduct the fair value study, while Arqaam Capital was the sell-side advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction<\/p>\n","protected":false},"author":1,"featured_media":640500,"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":[72,7128,131,7425],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-manufacturing","tag-middle-east-glass-manufacturing-company","wpautop","entry"],"acf":{"mongo_id":"3baba23d-30cc-45f2-a453-9a1de5550447","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1776.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MENA Glass nearly doubles stake Middle East Glass to c 93.7%","related_issue":[640487],"teaser":"Stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.b1838c32-ec73-4fa6-9b6b-7dab8b74184b.mp3"},"yoast_head":"\nMENA Glass nearly doubles stake Middle East Glass to c 93.7% - 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\/2024\/08\/27\/mena-glass-nearly-doubles-stake-middle-east-glass-to-c-93-7\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MENA Glass nearly doubles stake Middle East Glass to c 93.7%\" \/>\n<meta property=\"og:description\" content=\"Stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction\" 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last month","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/279.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633925,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/23\/mena-glass-wants-to-up-its-stake-in-middle-east-glass-submits-usd-58-mn-offer\/","url_meta":{"origin":640499,"position":1},"title":"MENA Glass wants to up its stake in Middle East Glass \u2014 submits USD 58 mn offer","author":"enterpriseam admin","date":"23 July 2024","format":false,"excerpt":"MENA Glass Holding already holds 53% of MEG","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A 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It\u2019s only Tuesday but we have already started counting down to the weekend. THE BIG STORY TODAY- A USD 60 mn carbon black factory in the making? One of India\u2019s largest black carbon producers is interested in setting up a USD 60 mn plant in Egypt, according\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1517.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607516,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/bidders-line-up-for-a-piece-of-middle-east-glass\/","url_meta":{"origin":640499,"position":4},"title":"Bidders line up for a piece of Middle East Glass","author":"enterpriseam admin","date":"4 October 2023","format":false,"excerpt":"DPI and Mediterrania Capital Partners are doing due diligence on the company","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/276.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":673954,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/","url_meta":{"origin":640499,"position":5},"title":"Petrojet secures USD 1 bn contract to develop Algerian oil field","author":"enterpriseam admin","date":"21 October 2025","format":false,"excerpt":"PLUS- Middle East Glass\u2019 general assembly approved the merging of three of its subsidiaries into the company","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/10\/981.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=640499"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640499\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640500"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640499"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640499"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}