Cairo – Mubasher: Qalaa Holdings and some shareholders in Misr Glass Manufacturing Co. (MGM) have entered into an agreement, under which Middle East Glass Manufacturing Co. will acquire the shares of MGM.

The parties forecast the final sale and purchase agreement to be executed in the third quarter of 2015, upon completion of all procedures and formalities.

Qalaa holds an indirect stake equivalent to c. 15.18% of Misr Glass Manufacturing.

Qalaa said earlier it signed new deals with Financial Holdings International (FHI) to sell its stakes in non-core businesses, while buying additional stakes from FHI in subsidiaries in key sectors including energy, cement, construction, transportation and logistics.

The EGX-listed company expects to finalise these investment deals by December 2015, after completing required procedures.

Accordingly, Qalaa’s total consolidated debts will decrease by around EGP 800 million, which is a strategic goal for the company in 2015.

Qalaa’s Q1 financial results showed that net loss after tax and minority interest narrowed by 51.6% to EGP 112.2 million, from EGP 231.9 million in the same period a year earlier.