A senior official at the United Bank said the Central Bank of Egypt (CBE) will not launch the United Bank’s initial public offering (IPO) on the Egyptian Exchange (EGX) until it approves the bank’s 2015 budget.

One of Gulf Capital’s portfolio companies, Middle East Glass, has acquired ownership of Misr Glass Manufacturing, an Egyptian company that specializes in the manufacture of container glass for the food and beverage industry. Terms of the deal were not disclosed, but the transaction creates the MENA region’s largest glass packaging concern, with a client list that includes a number of the world’s largest brands including Coca-Cola, Nestlé and Pepsi as well as other major domestic and regional beverage producers.

Beltone Financial is preparing the initial public offerings (IPO) of several companies in the retail and food sectors on the Egyptian Exchange (EGX), with estimated total capital exceeding EGP 10bn.

Egypt will set up the Middle East's first commodities exchange this year as Amman-based Sigma Investments has completed the feasability study at a cost of LE1.3 million, announced Supplies and Internal Trade minister, Khaled Hanafy, on Monday.