Cairo - Mubasher: Middle East Glass Manufacturing said Wednesday that one of the parties of the preliminary contract of acquiring 100% of Misr Glass Manufacturing Co. (MGM) has sent a letter of intent expressing its intention to cancel the final sale contract.
The letter included also a request from the company to get back an amount EGP 23 million which was paid as part of the preliminary agreement.
In related vein, Middle East Glass said it rejects the cancellation request and it will study all the legal options to keep the rights of the company as well as the shareholders.
In a previous statement, Middle East Glass Manufacturing said it neared a deal to fully acquire MGM shares.
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 in net profits for the same period of the previous year.
