Qatar First Investment Bank (QFIB) has sold its 71.3% stake in Emirates National Factory of Plastic Industries (ENPI Group), a producer of flexible and rigid plastic packaging solutions to Saudi Printing & Packaging (SPPC).
The acquisition is part of SPPC's strategy to pursue inorganic growth opportunities, which will add ENPI to its businesses portfolio and aims to fully leverage the potential synergies and growth opportu0nities from the acquisition.
QFIB chairman Abdulla Bin Fahad Al Marri said the company's business strategy concentrates on investing in companies that demonstrate positive growth potential.
"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%," Marri said.
QFIB will retain FutureCard and TechnoCard as part of the deal, which form the technology businesses of ENPI.
ENPI Group, which has manufacturing base including eight factories in Sharjah, Abu Dhabi and Riyadh, produces flexible and rigid plastic packaging solutions.
QFIB acquired a 71.3% stake in ENPI Group in July 2009.
