Kuwait-based investment company, North Africa Holding Company (Norah), said it has acquired a 50 per cent stake in Kandil Glass, one of Egypt’s leading manufacturers of glass containers, in line with its regional expansion plans.

Beltone Investment Banking was the sole financial advisor for the transaction, the company said in a statement.

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

“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,' remarked Emad Al-Saleh, Norah chief executive officer.

'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,' he added.

According to Al Saleh, 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, makes the investment in Kandil Glass an interesting opportunity and a valuable addition to Norah’s investment portfolio.

Kandil Glass expansion plan aims to make it a market leader in the glass manufacturing sector for the food and beverage industries, serving both local and International markets with high quality glass containers.

Kandil Glass currently has a production capacity of 55 tons per day while it is undergoing a major expansion in order to raise it to over 300 tons per day.

On the new funding, Kandil Glass CEO Khalil Kandil, said, 'Norah’s investment will help us with the stability and the additional funding necessary to develop our company to its full potential.'

'Kandil Glass has a record of rapid growth and there is a growing market for its products.  We look forward to the continued development of the company in partnership with Norah and its expansion into new markets,' he added.-TradeArabia News Service