Bekdache family sells 35 percent of paper maker
The company hopes to double its exports
Beirut-based Primary Holding (PH) recently acquired 35 percent of local paper manufacturer Oriental Paper Products (OPP) in an equity injection deal. Until then, OPP was a family owned business established by the Bekdache family in 1955.
The Bekdache family retained the remaining shares in the business, with Bek Invest, represented by Ziad Bekdache, owning 32.5 percent, and Kamel Bekdache and family owning a similar share.
“This move aims to introduce new blood to the company,” said Ziad Bekdache, general manager of OPP. He said PH was founded by “a group of young Lebanese professionals with a wide experience in banking and marketing.” PH will have three members on the OPP board out of a total of seven. “The new members will participate in decision-making, and contribute in setting corporate strategy,” he said.
Bekdache said that OPP will work on developing new products, as well as tapping new export markets in Africa and Europe: “Our future projects will focus on developing the existing machines at the factory, and bringing in new ones, in order to increase production capacity and acquire a bigger market share.”
OPP exports around 35 percent of its output each year. The company expects the acquisition to boost exports to 60 percent of its total production.
Reported by Rania Ghanem
Date Posted: Aug 16, 2012