Beltone Financial Holding, a rapidly growing financial institution, has announced that its subsidiary, Beltone Leasing and Factoring, entered into a sale and leaseback agreement worth EGP 250 mn with Kandil Glass, a major producer of glass containers in Egypt and the Middle East, Invest-Gate reports.

The agreement involves the sale and leaseback of real estate assets and production lines owned by Kandil Glass for a period of five years. This arrangement aims to provide Kandil Glass with the necessary financing for working capital and investment requirements to support its growth plans.

Amir Ghannam, the CEO of Beltone Leasing and Factoring, expressed his excitement about the strategic partnership with Kandil Glass, highlighting their commitment to expanding their leasing and factoring portfolio. The goal is to reach new sectors and diversify their customer base, with a particular emphasis on export-oriented industries.

Ghannam expressed confidence in Beltone Leasing and Factoring’s ability to deliver innovative leasing and factoring products and services to their valued customers.

Khalil Kandil, Chairman and CEO of Kandil Glass, expressed his delight in having Beltone Leasing and Factoring as their esteemed partner in this significant deal. He acknowledged the professionalism and expertise demonstrated by the Beltone team throughout the transaction, expressing gratitude for their prompt execution and unwavering support. This collaboration marks a pivotal moment for Kandil Glass, reinforcing its position as a leader in the glass manufacturing industry and aiding in its strategic expansion plans.