Tuesday, 23 January 2018 10:00 GMT

QFIB signs deal with UAE firm

(MENAFN - The Peninsula) Qatar First Investment Bank (QFIB) has signed a deal with Emirates National Factory for Plastic Industries (ENPI), a full-service flexible packaging manufacturer in the GCC region, to acquire a 71.3 percent stake through large capital injection. Abdullah bin Fahad bin Ghorab Al Marri, QFIB chairman, announced this yesterday during a press conference saying the major acquisition would enable the company to expand further in the region. "With QFIB's capital injection, the company will be able to expand further in the region. Furthermore, this strategic partnership will give QFIB exposure to the manufacturing business in addition to the opportunity of establishing a foothold in this growing industry," Al Marri said. Al Marri said ENPI has a great potential for growth with revenues increased by 41.2 percent and 48.3 percent in 2007 and 2008 respectively. "The company is well established and enjoys strong management," he said. Nizar Rajoub, CEO of ENPI, said they are pleased with the QFIB partnership since the bank has already built a sound reputation of being a professional and credible financial institution. "We take great care in forming partnerships and only select highly professional, reputable and credible companies to work with to ensure mutual success," Rajoub said. "ENPI has received recognition from global industry specialists, and with this partnership we will be able to implement our expansion plans and take the company to new heights," he added. Established in 1995, ENPI is one of the MENA region's leading plastics manufacturers with a diverse customer base of more than 1,400 clients in more than 40 countries, including DHL, Etisalat, and Emirates Airlines. ENPI is a business group composed of seven different companies each specialising in the production of a certain family of plastic packaging materials. The company's manufacturing hubs are based in Sharjah and Dubai, but it has recently embarked on an expansion facility in Abu Dhabi. The company has also established representative offices in many countries in Europe, Africa and the Middle East. ENPI produces superior quality products in extrusion film, PET bottles, self adhesive labels, aluminum foils and many other products used for packaging. Additional expansion is planned within the GCC. It employs more than 850 employees including researchers, printing technologists, software engineers, polymer engineers, information specialists and sales and marketing professionals. By Chris V Panganiban

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