The Group is listed in the Egypt Stock exchange since 2002. The majority shareholder with 51.4% is MENA Glass Holding, a Cayman based investment vehicle for Mr. Abdulgalil Besher. He hails from a prominent Yemeni merchant family and is currently the sole owner of MENA Glass Holding.

Gulf Capital has a shareholding of 35.9% in the business through two of its investment funds (MTM Packaging 1 &2). Gulf Capital is one of the largest alternative investment firms in the Middle East, managing US$4 billion across ten funds and investment vehicles.                                                

IFC is considering a proposed IFC financing of US$100 million in total including the following: (i) IFC A loan of US$30 million; (ii) IFC Trust fund loans of up to US$45 million, comprising of a US$22.5 million MCPP HKMA Loan and an additional US$22.5 million MCPP SAFE Loan; and (iii) B Loan/Parallel loan of up to US$25 million.                                                

Investments under the Project will be made in the Group’s three operational facilities in Egypt: (i) MEG plant, situated in Nasr city, constructed in 1983, with one furnace totaling 84,963 tons per annum capacity for flint and green color, (ii) MEG Sadat, in Sadat city, constructed in 2007 and acquired by MEG in 2014,  with two furnaces totaling 71,158 tons per annum capacity, for flint and amber color; and (iii) MGMG plant, situated in Moustord, constructed in 1968 and acquired by MEG in 2016 with three furnaces totaling 105,093 tons per annum in capacity for flint, green and amber color.                                                 

Only applicable to projects in the extractives industry.                                                   

     This project involves rebuild of existing furnaces, and introduction of automation in machines for handling cullet and for inspection of the products. This is expected to result in better production and energy efficiencies as well as reduced emissions. The production process generally does not generate much solid waste or wastewater. The investment is expected to have limited E&S impacts which are site-specific, and temporary in nature. Accordingly, this is a Category B project as per IFC’s Environmental and Social Sustainability Policy.

Key environmental and social issues and risks for this investment are: assessment and management of E&S impacts associated with the project, management systems and practices for E&S and OHS; working conditions and terms of employment; resource efficiency, water use; air emissions from the furnaces; supply chain; and impacts on surrounding communities.