Rigoglass S.A.I.C, the Athens, Greece-based company has reversed the planned sale of Beta Glass Plc to GZI Mauritius Limited (GZI). Frigoglass S.A.I.C is the parent company of Frigoglass Nigeria Limited, which is a core investor in Beta Glass Plc.
Following Frigoglass decision to divest from glass business, the company had signed an agreement with GZI Mauritius Limited on May 21, 2015.
However, Frigoglass yesterday announced the termination of the agreement with GZI Mauritius Limited. In a filing with the Nigerian Stock Exchange (NSE), the company said a condition precedent was not met as GZI did not secure the necessary level of debt financing for the acquisition.
The company said: “Amended offers made by GZI were declined as not reflecting the full value of the glass business and therefore not being in the best interest of Frigoglass and its stakeholders. Frigoglass glass business retains its strong local market position and technical excellence”.