QFIB acquires 15 percent stake in snackmaker Al Rifai
Qatar First Investment Bank (QFIB) said on Monday it acquired a 15 percent stake in Al Rifai International Holding, a manufacturer of nuts and snacks in the Middle East and Europe.
January 17, 2012 3:02 by Reuters
The deal is QFIB’s first investment in the food and beverage manufacturing industry, the company said in a statement, without giving the value of the deal.
“Al Rifai has consistently performed well over the years, diversified its product range and ventured into new markets and is well-positioned to take advantage of the rapidly growing global savory snack market expected to reach $85.4 billion in 2012,” Emad Mansour, QFIB’s chief executive officer, said in the statement.
Mansour said in July that QFIB hopes to exit its 14 percent stake in Abu Dhabi-based Al Noor Medical through an initial public offering in 2012. (Reporting By Regan Doherty, Editing by David French) *image from gulf-times.com.