Qalaa Holdings closes sale of two units for $105.7 million

Egypt’s Qalaa Holdings announced Thursday that its subsidiary Mena Glass Ltd. had finalised the deal of selling its stake in both Misr Glass Manufacturing (MGM) and United Glass Containers (UGC).

According to a bourse filing posted Thursday, The equities in both subsidiaries were sold at a value amounting to  828 million Egyptian pounds (US$105.7 million).

The company has also finalised selling its stakes in United Glass Containers (UGC) to Misr Glass Manufacturing Company.

Earlier, Qalaa signed an agreement with Middle East Glass Manufacturing Company for the sale of its stake in MGM, a leading producer and exporter of glass containers across the Middle East and North Africa.