Joussour Holding Company announces the successful sale of its stake in Ghani Glass Limited
Swicorp, a leading private equity firm focusing on the MENA region and Turkey, today announced the successful sale of a 20% stake in Ghani Glass Limited of Pakistan (“Ghani Glass”), held by Joussour Holding Company (“JHC”). JHC is a private equity investment vehicle that invests in energy and energy intensive industries.
Established in 1993, Ghani Glass is the largest and most diversified glass manufacturer in Pakistan. Since JHC’s initial investment in 2007, Ghani Glass has witnessed strong growth, more than doubling its top and bottom line on the back of capacity expansions, including the commissioning of the first pharmaceutical glass manufacturing project in the MENA region, based on state-of-the-art European technology.
JHC’s original investment in Ghani Glass was predicated on strong underlying demand fundamentals in Pakistan, where demand expanded at double digits rates over the last several years. Following the global financial crisis and amid deteriorating economic and political conditions in Pakistan, coupled with a severe energy crisis in Pakistan, JHC worked closely with Ghani Glass to maintain and defend its leading position in Pakistan, while at the same time scaling down its regional expansion plans.
Salman Malik, Director at Swicorp commented: “During the life of the investment, we worked with our counterparts at Ghani Glass to ensure the company maintains and extends its leadership in the glass market in Pakistan while continuing to establish a broader regional footprint; this through a period during which we had to endure extremely challenging conditions in the local and international markets.”
Nabil Triki, Swicorp head of Private Equity added: “When we invested in Ghani Glass five years ago, our ambition was to significantly grow its top and bottom line and allow the company to establish a footprint beyond the borders of Pakistan. Although faced with challenging local and international markets, the company was able to navigate through consecutive crises and we are satisfied we were able to contribute directly to profitability growth through several initiatives championed by our teams.”