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Saudi-based CPC buys Qalaa’s Sphinx Glass for EGP 1.3bn - Daily News Egypt

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Saudi-based CPC buys Qalaa’s Sphinx Glass for EGP 1.3bn

Qalaa Holdings sells Sphinx Glass in line with its framework to abandon “non-core” projects

Saudi-based Construction Products Holding Company (CPC) will sign on Tuesday the transfer of ownership of Sphinx Glass from Qalaa Holdings, formerly known as Citadel Capital, to the former, with a value of EGP 1.3bn.

The Saudi company has made the deal in line with its strategy to expand its international activities in Egypt, which had begun in 2007 through establishing the first industrial complex and other factories, Qalaa Holdings said.

Qalaa Holdings decided to sell Sphinx Glass in line with the framework of its programme to abandon “non-core projects” in order to be able to focus on “strategic sectors” such as energy, cement, transportation, logistics, food and mining, the company said.

The ministers of Investment, Trade, Planning and International Cooperation will attend the signing ceremony, which will be followed by a press conference, attended by director general of Qalaa Holdings Ahmed Heikal and Sheikh Saleh bin Laden, to discuss the role of Saudi investors in Egypt in the next months and the potential opportunities for them.

CPC is a leading company that manufactures and markets building materials, including precast concrete, glass, aluminium, ready-mixed concrete, marble, granite and cables.

The company, which has a factory in Sadat city in northern Egypt, with a production capacity of 200,000 tonnes of materials per year, has achieved EGP 393m in sales in 2013.

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