Saudi-based Construction Products Holding Company (CPC) plans to pump US$100 million in the coming two years worth of investments in Sphinx Glass Company’s plant in Egypt, said an official from the CPC.
According to Riad Kiwan – Chief Operating Officer at CPC, the new investments are part of CPC’s strategy to double the production capacity of Sphinx Glass Company’s plant to 12.000 tonnes per day, from 6.000.
In May, Construction Products Holding Company (CPC), part of the Saudi construction giant Binladin Group, has acquired 100% shares of Egypt’s Sphinx Glass Company, Egyptian Qalaa Holding’s non-core portfolio company, for $190 million (around 1.3 billion Egyptian pounds).
Since the acquisition of Sphinx Glass Company, CPC seeks to continue pumping more investments into the Egyptian market, Kiwan noted.
CPC’s planned investments in Egypt focus on building materials sector, the official noted, referring to intentions to establish new plants in the country in the coming period.
According to recent statistics, CPC’s total investments in Egypt since 2007 are valued at US$150 million approximately.
