AIndorama Netherlands B.V. signed an initial agreement to acquire 74% stake in Medco Plast for Packing and Wrapping Systems S.A.E. from Middle East Glass Manufacturing Company S.A.E. and Samaha Family for approximately EGP 840 million on October 23, 2017. The buyer will prepare a due diligence report for this acquisition deal. On July 18, 2018, Indorama Netherlands B.V. signed a definitive agreement to acquire 74% stake in Medco Plast for Packing and Wrapping Systems S.A.E. from Middle East Glass Manufacturing Company S.A.E. (CASE:MEGM) and Samaha Family. Middle East Glass will receive approximately EGP 510 million for its stake at EGP 230.16 per share. Middle East Glass will sell 44.4% stake and will retain 15.6% stake in Medco Plast. Middle East Glass Manufacturing Company S.A.E. (CASE:MEGM) has implemented selling 2,197,800 shares (44.4%) of the share capital of Medco Plast for Packing and Wrapping Systems S.A.E. to Indorama Netherlands B.V Company at LE 230.16 per share and total price for all Medco Plast's shares amounts to LE 505.847343 million. Samaha Family will retain about 10% stake in Medco. The transaction is subject to regulatory approval and Middle East Glass Board of Directors approval on evaluation and is expected to be completed within the third quarter of 2018. HC Securities and Investment acted as the sole financial advisor to MEG and the Samaha family, Matouk Bassiouny & Hennawy acted as legal advisor to MEG, Shehata Law firm acted as legal advisor to the Samaha family, while Baker & McKenzie acted as the legal advisor to Indorama Ventures. HC Brokerage acted as the sole transaction broker for the buyer and the sellers. Indorama Netherlands B.V. completed the acquisition of 74% stake in Medco Plast for Packing and Wrapping Systems S.A.E. from Middle East Glass Manufacturing Company S.A.E. (CASE:MEGM) and Samaha Family on November 13, 2018.