Middle East Glass Manufacturing to sell Medco Plast at EGP 230.16/share

Updated 11/2/2021 11:08:44 AM

ArabFinance: Middle East Glass Manufacturing Co (MEGM) has signed a sale contract of its subsidiary Medco Plast for Wrapping and Packaging Systems on November 1st, 2021, according to a statement filed to the Egyptian Exchange (EGX).

The company has reached a final agreement with the buyer to sell Medco Plast at EGP 230.16 per share, the statement highlighted.

In September, the company said its board of directors approved the fair value (FV) study conducted by the independent financial advisor on Medco Plast stock, upon which the FV was set at EGP 155.3 per share.

MEGM is an Egypt-based company primarily engaged in the manufacture, sale, and export of glass containers in the Middle East and North Africa region.

The company’s product solutions include food jars, bottles, juice, carbonated bottles, and pharma, among others.