Arab Finance: Saudi Egyptian Industrial Investment (SEII) is close to finalize a deal to purchase 70% of Egypt’s El Nasr Glass & Crystal (NGC), Minister of Public Business Sector Mahmoud Esmat told Asharq Business on June 10^th.

The acquisition deal is set to be completed by SEII increasing its capital in NGC within the next few weeks.

Negotiations are underway to draw up development plans for NGC, which includes adding a new production line for the manufacture of glass panels used in solar energy generation cells to meet the needs of the Egyptian market.

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

the Egyptian company exports its products to more than 35 countries. Its profits jumped 91% to EGP 26.5 million during the fiscal year (FY) 2021/2022.

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