Cairo – Mubasher: Middle East Glass Manufacturing Co. is in talks with the International Finance Corporation (IFC) to obtain a loan worth $100 million.

Such loan will be used to finance the glass manufacturer’s loans and capital expenditures programme which includes rebuilding three major furnaces, improving  the efficiency of resources, and streamlining cullet processing operations.

Middle East Glass Manufacturing Co is expected to contribute up to $26 million from its internal cash generation to the programme. 

An amount of $67 million will be used for the refinancing of loans, while the capital expenditures programme will be financed with $59 million.  

During the first quarter of 2019, the glass manufacturer’s net profits surged to EGP 98.53 million from EGP 17.12 million in the year-ago period, including minority shareholders’ rights.

Sales surged to EGP 454.22 million in the three-month period ended 31 March, compared to EGP 374.51 million in the corresponding period a year earlier.

At the level of standalone business, the company’s profits soared to EGP 54.09 million in Q1-19, compared to EGP 1.2 million in H1-18.