• Beltone Financial Holding’s subsidiary, Beltone Leasing and Factoring, has successfully concluded a sale and leaseback agreement valued at EGP 250 million (USD 8.09 million) with leading glass producer Kandil Glass.
• Kandil Glass, a key player in the Egyptian and Middle Eastern glass container industry, stands to benefit from the five-year arrangement, involving the sale and leaseback of real estate assets and production lines.
• The collaboration signifies a crucial step for Beltone Leasing and Factoring, reflecting their commitment to expanding their portfolio into new sectors, with a particular focus on export-oriented industries.
Beltone Financial Holding, a rapidly expanding financial institution, reports that its wholly owned subsidiary, Beltone Leasing and Factoring, has finalized a sale and leaseback agreement valued at EGP 250 million (USD 8.09 million) with Kandil Glass.
Kandil Glass, a prominent glass container producer in Egypt and the Middle East, is set to benefit from this arrangement involving the sale and leaseback of real estate assets and production lines for five years.
The move aims to provide crucial financing for working capital and investment needs, supporting Kandil Glass’s ambitious growth strategies.
Amir Ghannam, CEO of Beltone Leasing and Factoring, expressed enthusiasm about the strategic partnership with Kandil Glass, emphasizing the commitment to expanding their leasing and factoring portfolio.
The goal is to venture into new sectors and diversify their customer base, particularly focusing on export-oriented industries.
Ghannam conveyed confidence in Beltone Leasing and Factoring’s ability to consistently deliver innovative leasing and factoring products and services to their valued customers.
Khalil Kandil, Chairman and CEO of Kandil Glass, expressed delight in having Beltone Leasing and Factoring as a partner in this significant deal.
He praised the professionalism and expertise of the Beltone team throughout the transaction, acknowledging their prompt execution and unwavering support.
This collaboration marks a pivotal moment for Kandil Glass, reinforcing its position as a leader in the glass manufacturing industry and supporting its strategic expansion plans.
The Egyptian glass industry holds importance in generating employment opportunities and as a catalyst for various industrial activities, meeting local consumption and export demands.
Kandil Glass, dating back to 1865, stands out as one of the oldest and most established glass manufacturers in Egypt and the Middle East.
The company’s enduring legacy and commitment underscore its integral role in contributing to the vitality and growth of the regional glass industry.
Recently,Beltone Financial Holding revealed that its subsidiary, Beltone Mortgage Finance, has completed the process of doubling its issued capital from USD 31.8 million to USD 63.6 million.
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