North Africa Holding acquires 50% stake of Egyptian Kandil Glass

Press release
Published December 26th, 2010 - 04:12 GMT

Kuwait based investment company, North Africa Holding Company (NorAH), announced that it has acquired a fifty percent stake in Kandil Glass, one of Egypt’s leading manufacturers of glass containers. The investment, which will allow Kandil Glass to finance the construction of a new production facility, is NorAH’s first investment in Egypt.

Emad Al-Saleh, Chief Executive Officer of NorAH, commented: “We believe that Kandil Glass, with its ability to customize its offer to market demand and its technical capabilities, has excellent possibilities for growth in the future.  We chose to invest in Kandil Glass because of the outstanding quality of its management. Kandil Glass is indeed  a young company, it has been founded  in 2005, but it can leverage and benefit from the manufacturing capabilities of our partner, the Kandil family, whose successful entrepreneurial history started over 140 years ago. This is  NorAH’s first investment in Egypt as well as our entry into the glass manufacturing sector.”

“The sector’s strong growth and Egypt’s abundant supply of raw materials, together with its reasonable energy costs and proximity to European, Middle Eastern and African markets, make our investment in Kandil Glass an interesting opportunity and a valuable addition to NorAH’s investment portfolio”, added Al-Saleh.

Kandil Glass expansion plan aims to make it a market leader in the glass manufacturing sector for the food and beverage industries, serving both local and International markets with high quality glass containers.  Kandil Glass currently has a production capacity of 55 tons per day while it is undergoing a major expansion in order to raise it to over 300 tons per day.

Khalil Kandil, Kandil Glass’s Chief Executive Officer said:  “NorAH’s investment in Kandil Glass will help us with the stability and the additional funding necessary to develop our company to its full potential.  Kandil Glass has a record of rapid growth and there is a growing market for its products.  We look forward to the continued development of the company in partnership with NorAH and its expansion into new markets.”

Background Information

North Africa Holding Company

North Africa Holding Co. (NorAH), a Kuwait based Investment Company, was established in September 2006 with the aim of capitalizing on the significant investment opportunities arising within North African economies. With a capital base of KD 50 million, NorAH is one of the largest pan-regional investment companies and is driven by a clearly defined vision and investment strategy.

Kandil Glass

The name Kandil carries a strong history on its own, as a company, opening its doors to the market in 1865, a century where such an industry was still new, manufacturing manual and primitive agricultural machinery which later on were changed to semi-automatic ones, then on to boilers in the early 1900s; and then finally focusing on steel since 1960.

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