Saudi Printing & Packaging (SPPC) has acquired independent Shari’ah compliant investment bank Qatar First Investment Bank’s (QFIB) 71.3% stake in Emirates National Factory of Plastic Industries (ENPI Group).

The acquisition was announced at a closing ceremony held at Saudi Research & Marketing Group’s headquarters in Riyadh.

In July 2009, QFIB played a vital role since then in cementing ENPI’s position as a player in the plastic packaging solutions industry.

The company streamlined the business, institutionalised operations and expanded ENPI’s manufacturing base to include Abu Dhabi and Saudi Arabia.

QFIB CEO Emad Mansour said ENPI represents the typical size and sector that the company targets in its investment strategy, and the company worked with it to implement strategic growth plans and streamline its operations.

"Our successful exit of ENPI is a testament to our ability to grow our portfolio companies, in spite of difficult market conditions, while generating sound returns for our investors," Mansour said.

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The acquisition is part of the strategy of printing packaging solutions provider SPPC in order to pursue inorganic growth opportunities.

As part of the transaction, FutureCard and TechnoCard, which form the technology businesses of ENPI, will be retained by QFIB.

ENPI Group, which has manufacturing base including eight factories in Sharjah, Abu Dhabi and Riyadh, produces flexible and rigid plastic packaging solutions.