Doha: Qatar First Bank (QFB) announced that its portfolio company Al Rifai International Holding (Al Rifai), a leading Lebanese manufacturer and retailer of nuts, kernels and confectionery, has signed an agreement to sell its Al Rifai Nutisal AB (Nutisal) operations in Sweden to Cloetta, a leading confectionery company in the Nordic region, the Netherlands and Italy dating back to 1862.
Al Rifai International Holding which is 35 percent owned by QFB, agreed to sell the Nutisal operations for an upfront payment and a deferred payment, based on 2016 results. Alrifai Nutisal AB produces and sells dry roasted nuts under the brand Nutisal. It was established in 2007 in Sweden and has around 60 employees. Today, Sweden accounts for 50 percent of the sales, and the rest is sold in Denmark, Norway, Germany, UK and the Benelux countries. Nutisal holds the number two position in the branded nuts market in Sweden and the number three position in the total nuts market, a press release issued by QFB said yesterday.
“We are pleased with the exit of Nutisal and are confident that we have placed the business and the brand in safe hands. We are positive that Cloetta will endorse the Nutisal brand and ensure its continued growth in Sweden and beyond, “commented Mohamed Rifai, CEO of Al Rifai International Holding Ltd.
Ahmad Meshari QFB Acting CEO said: “We congratulate Al Rifai on this exit. We are confident that Al Rifai will continue to diversify its product range and venture into new markets creating value to its shareholders.”
QFB had acquired 15 percent of Al Rifai International in December 2011 and it increased its share to 35 percent in September 2012.
The Peninsula
