Qalaa Holdings sells 100% of Sphinx Glass to CPC
Qalaa Holdings declared that it has sold 100% of Sphinx Glass to Saudi Arabia’s Construction Products Holding Company (CPC), through its subsidiary CPC Emirates, The company said in a bourse statement. The total value of the transaction is $114.2m (EGP816m) while Sphinx Glass employed capital is EGP430nm. The investment bank declared that the transfer of ownership and payment was done, Amwal Alghad reported. Qalaa Holdings’ 73.3% stake in Sphinx Glass will result in cash proceeds of around $71m (EGP508m) to Qalaa Holdings after the estimated capital gains tax. Sphinx Glass is a 200,000-ton-per-annum, state-of-the-art float glass production facility that began full operations in April 2010 and is today one of the largest independently operated float glass producers in the MENA region. In addition to being a key player in the Egyptian market, Sphinx Glass is also a significant regional and international exporter.