Saudi Printing to buy stake in plastics firm

Saudi Printing and Packaging Company said on Saturday it has signed a memorandum of understanding to buy a majority stake in a UAE-based plastics company. Saudi Printing said in a statement to the Saudi bourse it would take a stake ranging between 73.3 percent and 80 percent in Sharjah-based Emirates National Factory for Plastic Industries, known as Enpi. The company said it will finance the transaction through its own resources and Islamic financing. Saudi Printing has appointed Jadwa Investment Co to assist the deal, according to the statement. The memorandum of understanding will come to an end June 28 and the acquisition is subject to due diligence and final agreement on the price, the statement added. Enpi operates in the field of packaging and production of plastic products.