CPC buys Qalaa’s Sphinx Glass

27/08/2014 00:52 AST

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 EGP1.3 billion.

CPC 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 program 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.

Director general of Qalaa Holdings Ahmed Heikal and Sheikh Saleh bin Laden discussed the role of Saudi investors in Egypt in the next months and the potential opportunities for them during the signing of agreement. CPC is a leading company that manufactures and markets building materials, including precast concrete, glass, aluminum, 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 tons of materials per year, has achieved EGP393 million in sales in 2013.


Saudi Gazette

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