(Reuters) – India's Indurama Ventures, specializing in petrochemicals, bought 74 percent of Egypt's Medco Plast by 843 million pounds ($ 46.9 million), according to HC Securities and Wednesday's investments.
HC was a financial adviser to the company for the production of glass products in the Middle East and the Samaha family – owners of the share in the business, as well as as an intermediary for both parties in the process.
Medco Plast is one of the largest manufacturers of recycled polyethylene packaging and holds a market share of 25% of the Egyptian market and serves all international manufacturers of soft drinks and mineral water in Egypt.
Indorama Ventures, listed on the Thai Stock Exchange and operating in the Middle East, Asia, Europe and North America, signed an agreement with the Indian company Donsri in June to buy an Egyptian-Indian polyester production company.
Indorama Ventures, which spreads aggressively in Egypt, serves the automotive industry, consumer goods, beverages, personal care, health, tires and the security sector.
(USD = 17.98 Egyptian pounds)