Cairo-Mubasher: Middle East Glass Manufacturing Co. said it has not finished the deal in respect to its acquisition of 100% of Misr Glass Manufacturing Co. (MGM), according to a bourse statement issued Wednesday.
The deal is still in its preliminary stage, as was announced last July, noted the company.
The statement came as a response to news reports stating that the company will execute its buyout for MSM at a value reaching EGP 800 million.
Last July, Qalaa Holdings and some MGM shareholders entered into an agreement, under which Middle East Glass Manufacturing would acquire MGM shares.
Qalaa holds an indirect stake equivalent to 15.18% of MGM.
Middle East Glass Manufacturing turned to losses in the first half of 2015, as it suffered EGP 9.28 million, against EGP 1.29 million profit for the same period of the previous year.
