Qatar First Investment Bank which had previously bought 15% of light snack manufacturer Al Rifai in December 2011, announced that it increased its shareholding in the Lebanese entity to 35% as it had been performing well within the context of a 66% year-on-year rise in export sales during the first half of 2012. In parallel, the Lebanese entity indicated that the stake increase would help support its growth.
Al Rifai's total wholesale performance recorded a 63.2% year-on-year growth during the first half of 2012. The company's export-sales also registered a 66% year-on-year growth in the aforementioned period of 2012. Since January 2012, the holding company has succeeded in opening five new outlets in Lebanon, reaching a total of 50 points of sales, as per newswires. Al Rifai is currently seeking to increase its production capacity in Lebanon to reach 10,000 tonnes replicating the European state-of-the-art plant in order to meet the increase in local and foreign demand. The new factory will open during the second quarter of 2013.
Established in 2008, Qatar First Investment Bank provides private equity investments, direct investments in various sectors, investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offering and underwriting and asset management services including portfolio and wealth management, all according to Islamic principles.
Lebanon Weekly Monitor – Bank Audi