Arab Palestinian Investment Company expands its operations in Palestine by entering into a strategic partnership with Reema Hygienic Paper Company through the acquisition of a 51% stake in the company
RAMALLAH, Palestine, Oct. 7, 2024 /PRNewswire/ -- Arab Palestinian Investment Company (APIC) has announced entering into a strategic partnership with Reema Hygienic Paper Company (Reema) through the acquisition of a 51% stake in the company. The agreement was signed by Tarek Aggad Chairman and CEO of APIC, and Reema shareholders: Nabil and Omar Alhaj Abed, Jadallah Jadallah, and Al Hur investments Co. represented by Lana Alhaj Abed and Nadine Issa.
Aggad stated that this acquisition aligns with APIC's strategy to bolster its investment footprint in Palestine, with a particular focus on the manufacturing and consumer goods sectors. Aggad emphasized that, despite the harsh and challenging conditions in Palestine due to the ongoing war on Gaza, APIC's investment underscores its unwavering commitment to supporting local industries and employment in Palestine. Furthermore, this move is set to deliver significant value to APIC, its subsidiaries, shareholders, and the communities in which it operates.
Aggad emphasized that this acquisition represents the onset of a promising partnership that is expected to drive significant value creation for both parties. Through this investment, APIC will partner with the existing shareholders to further institutionalize and expand the business particularly by uplifting its sales through APIC's subsidiary, Unipal, which is the leading and largest distributor of fast-moving consumer goods in Palestine with a vast network of over 6,000 retail outlets.
Aggad further affirmed that the "Reema" brand name will be preserved, and the current shareholders and directors will continue in their roles, collaborating with APIC to advance the company's growth trajectory.
Nabil Alhaj Abed expressed his pride in signing this strategic partnership, affirming that the next phase will witness close cooperation with APIC's management to steer Reema's development in alignment with its future vision and aspirations. He added that this collaboration will accelerate the company's growth, enhance its market presence locally and regionally and foster innovation.
On his part, Jadallah Jadallah said that Reema, which was founded in 1982, stands as the premier player in Palestine's sanitary paper industry, employing over 90 skilled professionals across manufacturing, marketing, sales, and logistics, with a market share of around 40%.
APIC is a public shareholding investment holding company listed on the Palestine Exchange (PEX: APIC). It holds diversified investments across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia, the United Arab Emirates, Iraq and Turkey through its group of subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Sky Advertising and Public Relations and Event Management Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 3,150 staff through its group of subsidiaries.
For more information on APIC, visit www.apic.ps
For more information on Reems, visit www.reema.ps
Photo - https://mma.prnewswire.com/media/2524407/APIC_Reema.jpg
Logo - https://mma.prnewswire.com/media/640722/4953323/APIC_Logo.jpg
SOURCE Arab Palestinian Investment Company (APIC)
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