Egypt’s Citadel Capital said recently that it has received an offer for its 73.3-percent stake in glass manufacturer Sphinx Glass for $112 million. The deal is expected to be completed within two months. Although the buyer is not yet revealed, the deal should generate more than $70 million in profits after taxes.
In the first quarter of 2014, RHI revenues were down 11.9 percent from the preceding quarter and amounted to € 402.3 million. Revenues in the Steel Division decreased by 7.9 percent compared with the fourth quarter of 2013 due to the difficult market environment in South America, Ukraine, Turkey, and the New Year’s celebrations in China. However, the level of incoming orders rose in the double-digit percentage range compared with the end of the year 2013, which indicates an increase in revenues in the coming quarters. The drop in revenues in the Industrial Division by 22.1 percent, compared with the preceding quarter, are due to weaker new construction activities.