Cairo - Mubasher: Middle East Glass Manufacturing said Tuesday it nears acquiring 100% of Misr Glass Manufacturing Co. (MGM).
The company's board appointed Fincorp Investment Holding to set MGM's fair value.
Earlier, the company denied finalising MGM takeover, noting that the deal was still in its preliminary stage, as was announced last July.
Last July, Qalaa Holdings and some MGM shareholders entered into an agreement, under which Middle East Glass Manufacturing would acquire MGM shares.
Qalaa holds an indirect stake equivalent to 15.18% of MGM.
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 profit for the same period of the previous year.
