FIPCO to invest SAR 122 mln in new joint venture

31/01/2017 Argaam

Filling & Packing Materials Co. (FIPCO) will invest SAR 122 million to own an 80 percent stake in a manufacturing industries JV with EIRAD Investment Co.

 

The project will be financed from FIPCO’s resources and bank facilities, the company said in a statement to the Saudi bourse. A trial run will extend for two months, and commercial operations are slated for Q3 2018, along with financial impact.

 

Main production lines should be supplied in Q2 2018, the company added. FIPCO expects to generate SAR 2.6 million gains in 2018, driven by the annual growth of the project’s operating rates.

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