Cairo – Mubasher: Beltone Leasing and Factoring Company, a wholly owned subsidiary of Beltone Financial Holding, signed a sale and leaseback agreement worth EGP 250 million with Kandil Glass.
The deal covers the sale and leaseback of real estate assets and production lines owned by Kandil Glass for five years, according to a press release.
The partnership aligns with the listed company’s objectives to finance its working capital and back its growth plans.
Amir Ghannam, CEO of Beltone Leasing, commented: "As we embark on this exciting venture, our commitment is to expand our leasing and factoring portfolio, reaching new horizons and diversifying our customer base across various sectors, with a particular focus on export-oriented industries."
Khalil Kandil, Chairman and CEO of Kandil Glass, said: "This collaboration marks a pivotal moment for us, reinforcing our position as a leader in the glass manufacturing industry.”
“It is not only signifies a successful partnership but also strengthens our strategic expansion plans,” Kandil added.
Last October, Beltone Leasing and Al Ahly Sabbour for Real Estate Developments joined forces for real estate assets at a total amount of EGP 1.20 billion.
In the first nine months (9M) of 2023, the EGX-listed firm logged consolidated net profits valued at EGP 85.77 million, compared to net losses after tax of EGP 139.88 million in 9M-22.
