AMIG Insures Middle East Glass Manufacturing Company With EGP 560 Mln

Arab Misr Insurance Group (AMIG) signed a contract to insure Middle East Glass Manufacturing Company (MEG) for a year, said Walid Sayed Moustafa, deputy general manager of fire and non-life insurance sector at AMIG.

The policy covers the buildings and facilities of the company against all risks of fire and burglary and additional risks with value of EGP 560 million.

Middle East Glass Manufacturing Company (MEG) is subsidiary of Shaher Trading Group (STCO). MEG achieved consolidated profit of EGP 26 million and net sales of production of EGP 328 million in the first nine months of 2012. The company has issued capital of EGP 40 million divided over 4 million shares with nominal value of EGP 10 per share.