Mubasher: Abu Dhabi-based Gulf Capital has sold its stake in Egypt-listed Middle East Glass (MEG) to the majority shareholder of the business, MENA Glass Holdings Limited, according to a press release.
Gulf Capital’s investment enabled Middle East Glass to become the largest glass packaging manufacturer in the Middle East and the second largest in Africa.
The Egypt-based entity serves consumer-facing and resilient industries, including food, beverage, and pharmaceuticals. It leveraged Gulf Capital’s funding and completed two strategic acquisitions of Wadi Glass and Misr Glass Manufacturing (MGM).
The company also secured a $100 million debt financing from the International Finance Corporation (IFC) to help fund a capital expenditure programme to enhance its processes using the latest manufacturing and waste reduction technologies.
Meanwhile, Middle East Glass operates three facilities with 17 production lines, and six furnaces, with an operating capacity of over 385,000 MT annually.
Karim El Solh, Co-Founder and CEO of Gulf Capital, said: “In the last fiscal year, MEG achieved all-time high revenues and profitability. As a thematic investor, Gulf Capital’s investment in MEG was underpinned by sustainability trends and by the rise in recycling awareness in the region.”
Abdul Galil Besher, Chairman of Middle East Glass, commented: “Our partnership with Gulf Capital and the support we received from its investment team and operating partners across our operations have enabled the company to accelerate our growth and strengthen our market-leading position regionally.”
In March 2024, Gulf Capital and the Saudi Research Development and Innovation Authority (RDIA) joined forces to inject $100 million into the Saudi technology and innovation sector.
