(MENAFN) Construction Products Holding Company (CPC) is set to buy Sphinx Glass from Qalaa Holdings, with the value of USD181.29 million, Saudi Gazette reported.
Saudi CPC made the deal in order to further its strategy to expand its international activities in Egypt, which had begun in 2007 through establishing an industrial complex and other factories.
Qalaa Holdings decided to sell Sphinx Glass as it continues in its program of abandoning non- core projects so it could focus on strategic sectors such as energy, transportation, logistics, cement, food and mining.
Sphinx Glass, which has a factory in Sadat City in northern Egypt, with a production capacity of 200,000 tons of materials per year, has achieved USD54.80 million in sales in 2013.
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