Brief: Frigoglass to sell its glass operations to Gzi Mauritius Limited

Frigoglass SAIC

22/05/2015 07:02

May 22 (Reuters) - Frigoglass SA  FRIR.AT : 
     
    * Says agreed to sell its glass operations to Gzi Mauritius 
Limited 
    * Says the operations sold consist of all of company's glass 
container operations in Nigeria and Dubai, plus plastic crates & 
metal crowns operations in Nigeria 
    * Says moreover agreed to acquire minority interest in its 
Frigoglass Jebel Ali business based in Dubai, as part of this 
transaction 
    * Says management team and employees will also be 
transferred with the business on disposal 
    * Says net cash consideration to be received by the company 
is USD 225 million, USD 200 million paid in cash and USD 25 
million cash payable in following two years 
    * Says transaction to be completed second half of 2015, all 
gross proceeds to be applied towards debt reduction 
 
 
 
Source text: http://bit.ly/1cRlCcl 
     
Further company coverage:  FRIR.AT  
 
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