Filling and Packing Materials MFG. CO. (FIPCO) announces that FIPCO has been awarded by the Saudi Basic Industries Corp. (SABIC) to produce and supply plastic bags for an estimated value of SAR 20,489,343 bearing in mind that the referred value will vary according to the fluctuation of raw material prices up and down, based on the supply agreement signed by FIPCO in Apr. 23, 2018.
Delivery term is ongoing for 19 months starting from May and ends in last Dec. 2019.
The financial impact will take place starting from the 2nd quarter of 2018, FIPCO expects.
It is worth to mention that no related parties will be involved.
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