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Kuwait based Investment company, North Africa Holding Company (NorAH), has announced that it has acquired a 50 per cent stake in Kandil Glass, one of Egypt's leading manufacturers of glass containers.
The investment, which will allow Kandil Glass to finance the construction of a new production facility, is NorAH's first investment in Egypt. "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, make our investment in Kandil Glass an interesting opportunity and a valuable addition to NorAH's investment portfolio," said Emad Al-Saleh, CEO of NorAH.
Kandil Glass plans to expand to become 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 tonnes per day while it is undergoing a major expansion in order to raise it to over 300 tonnes per day.
"NorAH's investment in Kandil Glass will help us with the stability and the additional funding necessary to develop our company to its full potential," Khalil Kandil, Kandil Glass's CEO said.
"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."