Qatari bank in deal to acquire 71.3% of ENPI

Doha: Qatar First Investment Bank (QFIB) has signed an agreement to acquire a 71.3 per cent 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 airline.

ENPI is a business group comprising seven companies each specialising 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, aluminium foils and many other products used for packaging. Additional expansion is planned within the GCC.

The company employs more than 850 staff including researchers, printing technologists, software engineers, polymer engineers, information specialists and sales and marketing professionals.

Abdullah Bin Fahad Bin Ghorab Al Merri, Chairman of Qatar First Investment Bank said: "We are pleased with this strategic partnership with ENPI, an award winning manufacturer." He said the deal is part of QFIB's ‘diversification' process.