(MENAFN - Qatar News Agency) Qatar First Investment Bank (QFIB) and Saudi Printing & Packaging Co. (SPPC) announced the successful completion of the Emirates National Factory of Plastic Industries (ENPI Group) deal.
QFIB's 71.3% stake, a majority share in ENPI, was sold to SPPC, a publically traded Saudi firm specialized in providing printing packaging solutions. ENPI Group is the leading producer of flexible and rigid plastic packaging solutions having strong manufacturing base including 8 factories in Sharjah, Abu Dhabi and Riyadh.
The acquisition was announced at a closing ceremony held at Saudi Research & Marketing Group's headquarters in Riyadh. The ceremony was attended by a number of high ranking officials from KSA, Qatar and UAE.
QFIB acquired a 71.3% stake in ENPI Group in July 2009 and since then has played an instrumental role in cementing ENPI's position as a leading player in the plastic packaging solutions industry by streamlining the business, institutionalizing operations and expanding ENPI s manufacturing base to include Abu Dhabi and Saudi Arabia.
QFIB chairman, Abdulla Bin Fahad Al Marri commented "QFIB' business strategy focuses on investing in companies that demonstrate positive growth potential. ENPI had such capabilities. During our holding period, ENPI managed to successfully grow and expand where its revenue has more than doubled since our acquisition. We are pleased with the successful exit of ENPI which has generated for the Bank an IRR of 31%.
As part of the deal QFIB will retain FutureCard and TechnoCard, which form the technology businesses of ENPI. FutureCard is the leading manufacturer of smart cards having strong expertise in designing, manufacturing and customization of all types of cards. FutureCard has a client base of more than500 customers in over 80 countries.
Qatar First Investment Bank (QFIB) is the first independent Shari ah compliant investment bank authorized by the QFC Regulatory Authority (QFCRA) and is ISO 27001 certified.
QFIB was launched in 2009 with an authorized capital of QAR 3.65 billion (US 1bn) and a paid up capital of QAR 1.6 billion (US 430 million) providing the financial strength to capitalize on lucrative investments.
SPPC is a publicly traded company listed in KSA stock exchange and it was established in Jeddah in 1963. SPPC is specialized in the production of daily newsprints and other loose-leaf publications, magazines targeting various segments of the Arab World, perfect bound books and journals, and providing packaging printing solutions in different languages and styles in line with the international standards. (QNA)