Frigoglass, the Greek refrigeration company has terminated an agreement to sell its 70% stake in Beta Glass Plc to GZ Industries Ltd, after the prospective buyer failed to secure the necessary financing for the deal.
Frigoglass last year reached an agreement to sell its $225m stake in Beta Glass, a glass container business in Nigeria and Dubai and the complementary plastic crates and metal crowns operations to GZ Industries. The agreement was expected to be finalized in the current quarter.
Nigerian beverage-can maker, GZ Industries Limited, based in Agbara, Ogun State, has said that it will open a new plant in Kenya in 2016.
The Sultan Hamud plant which GZ Industries started building in 2014 is nearing completion and will produce about 2.4bn cans yearly. In September, the company announced that it was expanding into South Africa with the construction of a 1bn rand ($71 million) factory in Johannesburg.
The Sultan Hamud plant lies on the main railway line of Kenya Railways, which connects the coastal city of Mombasa and the capital Nairobi.
Nigerian beverage-can maker, GZ Industries Limited based in Agbara has said that it plans to expand into South Africa with the construction of a 1 billion rand ($71 million) factory in Johannesburg. This would make the company the second beverage-can maker after Nampak Ltd to operate in South Africa.
GZ Industries is partnering with a South African packaging company, Golden Era Group, to build a plant in Johannesburg with annual capacity of 1.2 billion cans, the company said in an e-mailed statement on Tuesday.
