{"id":643196,"date":"2024-09-04T00:00:00","date_gmt":"2024-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/"},"modified":"2024-09-04T00:00:00","modified_gmt":"2024-09-04T00:00:00","slug":"whats-next-for-egx-listed-middle-east-glass","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/","title":{"rendered":"What\u2019s next for EGX-listed Middle East Glass?"},"content":{"rendered":"

What\u2019s next for Middle East Glass? <\/strong>Late last month, MENA Glass Holding upped its stake<\/a> in EGX-listed bottle maker Middle East Glass (MEG) to 93.7% in an EGP 2.8 bn transaction. Now that the dust has settled on the acquisition, we spoke with Middle East Glass CEO Tawfik Laham to learn what\u2019s next for the company. <\/p>\n

Remember: <\/strong>MENA Glass Holding acquired an additional 40.2% in MEG<\/a> after stakeholders agreed to offload 25.1 mn shares. MENA Glass had submitted a mandatory tender offer<\/a> 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 bought up Gulf Capital\u2019s stake: <\/strong>Private equity firm Gulf Capital exited the company, selling its entire 36.9% stake. \u201cIt is normal for any private equity firm to exit its investment after a certain period of time,\u201d Laham told Enterprise, adding that Gulf Capital was a very good partner that added value to MEG \u2014 operationally and financially. <\/p>\n

The added value: <\/strong>\u201cGulf Capital\u2019s growth investment enabled MEG to become the largest glass packaging manufacturer in the Middle East and the second largest in Africa,\u201d the private equity firm said in a st<\/a>atement (pd<\/a>f)<\/a>. The firm also helped the glass maker double its production capacity, set up new production lines, and increase its exports. <\/p>\n

Now that Gulf Capital is out of the picture, what can we expect from MEG? <\/strong>The main objective for the company at the moment is growth \u2014 \u201cwe are working on setting up our fourth factory and enhancing and improving efficiency in existing plants,\u201d Laham said, adding that the company plans to \u201csignificantly\u201d increase its capacity over the coming 3-5 years and expand its exports. <\/p>\n

As things stand: <\/strong>The company has three glass factories with 17 production lines and six furnaces. It exports over 50% of its production to over 25 markets, making it one of Egypt\u2019s top five exporters. \u201cThe company was the first glass exporter in Africa,\u201d Laham said. <\/p>\n

MEG has no plans to exit the EGX<\/strong>, Laham tells us. \u201cWe definitely will stay listed \u2026 being an EGX-listed company will help us to grow regionally in the future,\u201d he said. <\/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 financial advisor and White & Case was the sell-side legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

MENA Glass Holding upped its stake in EGX-listed bottle maker Middle East Glass to 93.7% last month<\/p>\n","protected":false},"author":1,"featured_media":643197,"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":[72,1264,7128,131,7425],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-gulf-capital","tag-ma-watch","tag-manufacturing","tag-middle-east-glass-manufacturing-company","wpautop","entry"],"acf":{"mongo_id":"86c504d8-3bd7-46d6-9675-3c4bb6ecd93b","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/279.jpg","photo_position":"above","homepage_title":"","full_issue_title":"What\u2019s next for EGX-listed Middle East Glass?","related_issue":[643182],"teaser":"MENA Glass Holding upped its stake in EGX-listed bottle maker Middle East Glass to 93.7% last month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.07742dad-b99e-48e7-a842-3205c2f0abff.mp3"},"yoast_head":"\nWhat\u2019s next for EGX-listed 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\/2024\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s next for EGX-listed Middle East Glass?\" \/>\n<meta property=\"og:description\" content=\"MENA Glass Holding upped its stake in EGX-listed bottle maker Middle East Glass to 93.7% last month\" \/>\n<meta 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PLUS: latest on Middle East Glass, Cairo-Tokyo flights + new education visas","author":"enterpriseam admin","date":"29 August 2023","format":false,"excerpt":"BP CEO Bernard Looney held talks with President Abdel Fattah El Sisi yesterday","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\/2023\/8\/1334.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604234,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/28\/someone-has-eyes-for-middle-east-glass-plus-big-network-international-investment-and-news-from-mashreq-ethydco-somabay-quintessentially-and-the-banking-industry\/","url_meta":{"origin":643196,"position":5},"title":"Someone has eyes for Middle East Glass. 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