Saudi Printing & Packaging Co completed on Monday the acquisition of UAE’s Emirates National Factory for Plastics Industries (ENPI Group) after paying SAR 89.5 million to founder Nizar Rajoub to close the purchase of his 23 percent stake in the company.

 

In 2012, Saudi Printing agreed with Rajoub to buy his stake for a down payment of SAR 73.5 million after acquiring ENPI. They agreed to defer the rest of the payment, in cash or stocks, until the release date of the company’s audited 2014 financials, according to Argaam.

 

Rajoub has been also paid SAR 24.1 million as part of the deferred cash settlement. 

With this last payment, the company made a non-recurring profit of SAR 14.7 million, which will be reflected in second quarter results, ENPI said in a statement.

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