The Turkish Paşabahçe completed the acquisition of the Pearl Glass Group for $50m, according to sources in the Ministry of Industry. Sources at Pearl said that the deal reached its final stage, and the next few hours will see the transfer of the company’s ownership to the Turkish company. He added that the Turkish company aims to develop the Egyptian glass company and start production in the next year. Kabil held a meeting with Cemil Tokel, the vice chairperson of the Turkish company, to review the company’s new project in the Egyptian market and the future investments in Egypt’s glass industry. He added that the Turkish company’s new project will provide 1,200 jobs as soon as the new expansions are completed, alongside 650 existing jobs.

Source: Daily News Egypt July 12, 2017 18:56 UTC