Jordan’s Nuqul Group is planning to sell off around 25 percent of Fine Hygienic Holdings, one of the region’s largest tissue and paper products manufacturers, in a bid to boost the group’s growth, Nuqul Vice Chairman Ghassan Nuqul told Venture.
“We have major plans to expand in the region … So we decided to invite a potential financial investor to inject capital and take between 24 and 26 percent of Fine Hygienic Holding to finance this ambitious growth plan,” Nuqul said.
Nuqul declined to confirm details of potential bidders. “Until now, we are talking to different parties,” he said. “We haven’t signed any agreement yet but things are moving well.”
Reuters recently reported that US-based private equity firm KKR & Co, Dubai-based Fajr Capital, and shopping mall developer Majid Al Futtaim had all shown interest in buying the stake, which could be worth around $200 million.
Nuqul said his group launched a very “aggressive” 10-year business plan last summer, which eyes both organic and inorganic growth across the region. The new injection of cash would considerably accelerate the company’s expansion. He added that the group also planned to go public within three to five years.
Founded in 1952 by Elia Nuqul, the Nuqul Group is present in 11 countries mainly in the Middle East and North Africa.