The Clap:
CEO of Saudi-Egyptian Industrial Investment (SEII) Ahmed Ata said in an interview with Hapi the company is looking at reinitiating its offer to buy a controlling interest in the state-owned El Nasr Glass and Crystal Company. El Nasr exports its products to 32 countries.
Remember:
In 2023, SEII signed an MOU with Metallurgical Industries Holding Company (MIH), the parent company of El Nasr Glass, to boost the glass company’s capital and expand production lines to manufacture glass for solar panels. However, back in February, reports circulated that the plans were put on ice until the exchange rate stabilizes.
Interest reignited post-devaluation:
Ata told the news outlet that SEII’s decision was made due to the stability of the exchange rate against the USD. The company is now looking to snap up between 51-70% stake in MIH, but they have not yet determined the offer’s value.
