Construction Products Holding Buys Egyptian Glass Manufacturer Sphinx Glass for $190 Million
Construction Products Holding Co., a unit of private Saudi Arabian construction company Saudi Binladin Group, purchased Egyptian glass manufacturer Sphinx Glass for $190 million from previous owner Egyptian investment firm Citadel Capital and other investors, according to a May 26 report.
The deal underlines growing interest among Gulf companies in Egyptian assets as Egypt's economy begins to recover, according to the report.
Under CPC's ownership, Sphinx will meet growing demand for float glass in local and export markets, setting up a second production line to increase capacity, according to Faysal Alaquil, CPC's director of business development.
Egyptian officials have said they expect more than $4 billion of direct foreign investment in the country in the current fiscal year to end-June, up by more than a third from the previous fiscal year.