Cairo - Mubasher: The board of directors of Middle East Glass Manufacturing Co approved a decision to sell its entire stake in Medco Plast for Packing and Packaging Systems. 

The company plans to sell 772,200 shares, representing 15.6% of Medco Plast's capital, to Indorama Netherlands B.V., according to a bourse disclosure on Tuesday. Indorama Ventures

This decision is in line with the shareholder agreement signed between Indorama Netherlands, Indorama Ventures Public Company Limited, Mohamed Hassan Samaha, and Medco Plast on 17 September 2018.

The board approved the appointment of Karvy Financial Advisory Services as an independent financial advisor to conduct a fair value (FV) estimation study of Medco Plast's shares. 

During the first quarter (Q1) of 2021, Middle East Glass Manufacturing Co reported consolidated net profits of EGP 69.15 million, up from EGP 31.07 million in Q1-20, including minority shareholders’ rights.