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Dubai Group buys 49pc stake in Egypt glass firm

Dubai, May 18, 2008

Dubai Group, owned by the emirate, said on Sunday it had acquired a 49-per cent stake in Egypt's Sphinx Glass Company for Dh730 million ($198.8 million) through its subsidiary.

Dubai Capital Group has become the second-largest shareholder in the factory that will produce 220,000 tonnes per year of flat sheets of glass, it said in a statement.

Sphinx Glass is a wholly owned subsidiary of GlassWorks, a firm set up by private equity firm Citadel Capital and other investors, according to the statement.-Reuters




Tags: Egypt | Stake | Glass | Dubai group | Sphinx |

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