Indorama Ventures Public Company (IVL), a Thai petrochemicals producer, has acquired 74 percent of Egypt’s packing and packaging Medco Plast for 843 million Egyptian pounds ($47.15 million), Egypt’s HC Securities said in a statement on Wednesday.

HC Securities, which is an investment bank and asset management firm with operations in Egypt and the UAE, was the acting broker for both parties and the financial adviser for Middle East Glass Manufacturing Co. S.A.E. (MEG) and the Samaha family, the share owners involved in the deal.

Medco Plast, which manufactures recyclable polyethylene packaging and holds a market share of 25 percent in Egypt, serves all international manufacturers of soft drinks and mineral water in Egypt.

Indorama, which is listed on Thailand’s stock exchange and operates in Asia, the Middle East, Europe and North America, bought the Egyptian Indian Polyester Company S.A.E. (EIPET) in June.

In Egypt its activities include the automotive, consumer goods, beverages, tires and safety sectors.

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