31-05-2021
Qatar First Bank announced the successful completion of two exit operations from its investments in the Al-Rifai Holding Group and the Food Services Company. The bank achieved positive returns and a high internal rate of return on both transactions.
The two operations fall within the framework of the bank's strategy to diversify its investment portfolio in Qatar and the region, while discovering new opportunities that guarantee significant gains and a high return on investment.
In addition to increasing shareholder and customer returns, the two deals contributed to the reinvestment of proceeds in new and promising investment opportunities with rewarding returns in the local, regional and global markets.
Al-Rifai International Holding Group is a leading international company in the manufacture of high-quality nuts and snacks, spread in 45 countries, and headquartered in Lebanon. Al-Rifai International Holding Group is Qatar First Bank's first investment project in the food and beverage industry when the bank acquired a 15% stake in the company in 2011. The bank increased its stake in the company to 31% in 2012, and Al-Rifai International Holding Group emerged as a leading name for nuts and snacks in the Gulf Cooperation Council countries, and around the world, against the backdrop of its strategic alliances with global consumer goods companies, distribution channels and operating partners in free markets.
In 2014, Qatar First Bank acquired a 49% stake in the Food Services Company, one of the leading companies in the food and beverage sector in Qatar. The company includes under its umbrella five brands, namely, Opera Café, Opera Pastries, Opera for Hospitality Services, Takeout, and Kanfangi, and it operates through sixteen branches. The company has transformed from a medium-sized catering and restaurant company to an operator of a successful chain of restaurants and cafes spread across Qatar, as well as providing the finest catering services for social and corporate events.
In this regard, Mr. Suhaib Al-Mabrouk, Head of Private Equity and Corporate Banking Services, commented: “We are pleased to once again achieve an important milestone by exiting two of our most prominent investments in the food and beverage industry inside and outside Qatar.
Mr. Suhaib also stated: “Thanks to our innovative business approach, we have contributed to the development and growth of the two companies, while increasing our returns attributed to our clients and investors over the past few years. I congratulate all our investors on concluding the new deals, and to confirm our commitment to providing distinctive investment opportunities and steady returns inside and outside Qatar. ”
Mr. Suhaib concluded by saying: “The returns achieved by Qatar First Bank from the exit of its investments in Al-Rifai International Holding Group and Food Services Company are evidence of the success of our investment strategy. We will continue to provide the best investment opportunities that are compatible with the provisions of the most profitable Islamic Sharia law, to remain the preferred investment partner for our current and new clients in Qatar and around the world.”
Earlier this year, Qatar First Bank announced its successful exit from an investment of US $ 31.5 million in shares of CMRC Ltd., through which the bank achieved an internal rate of return of 19%.