Qalaa Holdings Concludes Sphinx Glass Sale at $114.2 million

Qalaa Holdings (CCAP, Formerly Citadel Capital), announced Sunday that it has concluded the sale of 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 today.

The total value of the transaction is $ 114.2 million (EGP 816 million) while Sphinx Glass employed capital is EGP 430 million.

The investment bank declared that the transfer of ownership and payment was done.

Qalaa Holdings’ 73.3% stake in Sphinx Glass will result in cash proceeds of around $ 71 million (EGP 508 million) 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.

The company specializes in the production of clear and tinted float glass and online coated glass in varying thicknesses. The company recorded EGP 393 million in sales in 2013 and is currently on target to exceed its budget for the second consecutive year.