QFIB acquires 71.3% of Emirates National Factory for Plastic Industries L.L.C.
Qatar First Investment Bank (QFIB) has signed an agreement to acquire a 71.3 % interest in Emirates National Factory for Plastic Industries L.L.C. (ENPI), a full-service flexible packaging manufacturer, largely through a capital injection. The total amount of the transaction was not disclosed.
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 specializing in the production of a certain family of plastic packaging materials. The company’s manufacturing hub is 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. The company employs more than 850 employees including researchers, printing technologists, software engineers, polymer engineers, information specialists and sales and marketing professionals.
Commenting on the transaction, Abdullah Bin Fahad Bin Ghorab Al Marri, Chairman of Qatar First Investment Bank said: “We are pleased with this strategic partnership with ENPI, an award winning manufacturer. This deal represents QFIB’s diversification into the industrial sector, which given the GCC’s sound economic fundamentals, is expected to grow significantly over the next few years.”
“QFIB’s acquisition of 71.3% stake is a majority ownership of ENPI, which is a healthy company with a great potential for growth. Its revenues have increased by 41.2% and 48.3% in 2007 and 2008 respectively. The company is well established and enjoys strong management. 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.”
Chief Executive Officer of Emirates National Factory for Plastic Industries, Mr. Nizar Rajoub said: “We are pleased with this partnership with QFIB, who in spite launching recently, has already built a sound reputation of being a professional and credible bank. We take great care in forming partnerships and only select highly professional, reputable and credible companies to work with to ensure mutual success.”
“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.”
“ENPI has more than 15 years experience in plastics and conversion manufacturing and we are anticipating a period of growth and expansion with the support of our partner QFIB” he added.