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Qalaa Holdings signs agreement for Sphinx Glass

The size of the transaction will imply an enterprise value of around US$ 180 million which translates into a cash consideration of US$ 114.2 million.
26.06.14 | Source: Zawya

Qalaa Holdings, an African leader in infrastructure and industry, and Saudi Arabia's Construction Products Holding Company (CPC), through its subsidiary CPC Emirates, announced that they have signed today a sale and purchase agreement for the sale to CPC of 100% of Sphinx Glass.

The size of the transaction will imply an enterprise value of around US$ 180 million (EGP 1,280 million), which translates into a cash consideration of US$ 114.2 million (EGP 815 million) for 100% of the shares after deducting debt and liabilities to be assumed by CPC.The transfer of cash and shares is expected to conclude in July.

Qalaa Holdings' 73.3% stake in Sphinx Glass will result in cash proceeds of around US$ 73 million (EGP 521 million)to Qalaa Holdings after the estimated capital gains tax.

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