QFIB signs agreement towards successful exit of ENPI

Qatar First Investment Bank (QFIB), Qatar’s first independent Shari’ah compliant investment bank authorized by the QFC Regulatory Authority (QFCRA), has signed a share purchase agreement with Saudi Printing & Packaging Co. (SPPC) to sell its 71.3% stake in Emirates National Factory for Plastic Industries (ENPI Group), the leading manufacturer of plastic packaging solutions.

QFIB acquired a 71.3% stake in ENPI in July 2009 and since then has played an instrumental role in streamlining the business, institutionalizing operations and expanding its manufacturing base to include Abu Dhabi and Saudi Arabia hence cementing ENPI’s position as leading player in the plastic packaging solutions industry.

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In 2011, QFIB facilitated the AED 250 million syndicated Islamic facility arranged by Abu Dhabi Islamic Bank.  The facility was used to expand and strengthen ENPI’s production platform.