Egypt’s Middle East Glass, IFC over $100mln loan

Egypt-based Middle East Glass Manufacturing is holding talks with the International Finance Corporation to obtain $100 million loan.

Such loan aims at refinancing some of its debts and capital expenditures programme.

The  company’s capital expenditures plan includes rebuilding three major furnaces, improving  the efficiency of resources, and streamlining cullet processing operations.

Middle East Glass Manufacturing Co is expected to contribute up to $26 million from its internal cash generation to the programme.

An amount of $67 million will be used for the refinancing of loans, while the capital expenditures programme will be financed with $59 million.

During the first quarter of 2019, the glass manufacturer’s net profits surged to EGP 98.53 million from 17.12 million Egyptian pounds in the year-ago period, including minority shareholders’ rights.

Sales surged to 454.22 million pounds  in the three-month period ended 31 March, compared to 374.51 million pounds  in the corresponding period a year earlier.

At the level of standalone business, the company’s profits soared to 54.09 million pounds  in Q1-19, compared to  1.2 million pounds  in H1 2018.

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