SEII mulls renewing purchase offer of majority stake in El Nasr Glass

Updated 6/24/2024 8:01:00 AM
SEII mulls renewing purchase offer of majority stake in El Nasr Glass

Arab Finance: The Saudi-Egyptian Industrial Investment (SEII) is considering renewing its offer to acquire a majority stake in El Nasr Glass and Crystal Company (NGC), SEII's CEO Ahmed Ata told Hapi Journal.

SEII aims to purchase a stake ranging between 51% and 70% in NGC, Ata said, adding that the value of the offer has not been determined yet.

In June 2023, Minister of Public Business Sector Mahmoud Esmat said that SEII was close to finalizing a deal to purchase 70% of NGC.

Established in 1932, NGC is 50%-owned by Metallurgical Industries Holding Company and National Investment Bank (NIB) each.

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