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27-05-14

Saudi CPC buys Egypt's Sphinx for USD190m

(MENAFN) Saudi-based Construction Products Holding Company (CPC) has recently purchased Egypt's Sphinx Glass for USD190 million, the company said, according to Arabian Business. The company has bought 100 percent shares in Sphinx to boost its revenue to USD63.2 million in 2014 compared to USD55 million last year. Commenting on the takeover, Faysal Alaquil, CPC's director of business development, said: "The acquisition of Sphinx Glass would support Sphinx's works in the next phase, both inside and outside Egypt."