Indorama Ventures acquires 74% in Medco Plast
Indorama Ventures Public Company Limited (IVL) has completed the acquisition of 74% of the share capital of Medco Plast for Packing and Packaging Systems S.A.E. (Medco Plast) from Middle East Glass Manufacturing Co. S.A.E. (MEG) and the Samaha family. Following the acquisition, MEG will retain a 16% shareholding in Medco Plast, and the Samaha family 10%. Medco Plast is the largest manufacturer of recyclable PET preforms, injection moulded products, and closures to all the multinational soft drink and water manufacturers operating in Egypt, with a 25% market share.
Medco Plast currently has 11 state-of-the-art production lines with a combined annual production capacity of 70,000 metric tons of PET preforms. This acquisition is intended to provide Indorama Ventures exposure to the East African PET packaging market, complementing its existing footprint in West Africa, where the company has presence in Nigeria and Ghana.
HC Securities and Investment acted as the sole financial advisor to MEG and the Samaha family, Matouk Bassiouny & Hennawy acted as legal counsel to MEG, Shehata Law firm acted as legal counsel to the Samaha family, while Baker & McKenzie acted as the legal counsel to Indorama Ventures.
