Thai intermediate petrochemicals company Indorama Ventures Pcl has bought a 74 percent stake in Medco Plast for Packing and Packaging Systems, an Egyptian plastic bottles and packaging products manufacturer and subsidiary of Middle East Glass Manufacturing Company S.A.E., for 843 million Egyptian pounds ($47.15 million).
Following the deal, Middle East Glass Manufacturing and the Samaha Family will retain 16 percent and 10 percent shareholding in Medco Plast.
Indorama Ventures said that Medco’s presence in the domestic market and customer relationship with all beverage majors operating in Egypt will enable Indorama Ventures to support growing local customers’ demand and provide a platform for further growth in the Middle East and African regions.
This acquisition will provide Indorama Ventures with an exposure in the East African polyethylene terephthalate packaging market, complementing the company’s existing presence in Nigeria and Ghana in West Africa.