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.
Tarek Aggad, Chairman & CEO of APIC signing the acquisition agreement with 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.