Kuwait's North Africa Holding invests in leading Egyptian glass manufacturer

Date: 13 October 2010
Source: Bi-me.com

Date: 13 October 2010

EGYPT. Kuwait-based investment company, North Africa Holding Company (NorAH), today announced that it has acquired a fifty percent stake in Kandil Glass, one of Egypt’s leading manufacturers of glass containers.

The investment, which will allow Kandil Glass to finance the construction of a new production facility, is NorAH’s first investment in Egypt .

Emad Al-Saleh, Chief Executive Officer of NorAH, commented: “We believe that Kandil Glass, with its ability to customize its offer to market demand and its technical capabilities, has excellent possibilities for growth in the future. We chose to invest in Kandil Glass because of the outstanding quality of its management. Kandil Glass is indeed a young company, it has been founded in 2005, but it can leverage and benefit from the manufacturing capabilities of our partner, the Kandil family, whose successful entrepreneurial history started over 140 years ago. This is NorAH’s first investment in Egypt as well as our entry into the glass manufacturing sector.” 

“The sector’s strong growth and Egypt’s abundant supply of raw materials, together with its reasonable energy costs and proximity to European, Middle Eastern and African markets, make our investment in Kandil Glass an interesting opportunity and a valuable addition to NorAH’s investment portfolio”, added Al-Saleh.

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