EGYPT • The company has completed the acquisition of a control position in Suez Bags Company S.A.E for EGP 26.01 per share, which implies an equity value of EGP 284 million (EUR 13.6 million) on a 100% basis. Mondi now owns 96% of the company.
Suez Bags is an industrial bags producer operating one plant near Cairo in Egypt serving mostly regional customers and is Mondi’s second industrial bags acquisition in Egypt, following the acquisition of NPP in June this year. The business will be integrated into Mondi’s Fibre Packaging business.
Mondi is the global leader in industrial bags, with more than 40 operating sites including five in the Middle East.