FILLING & PACKING MATERIAL. MFG. CO. (FIPCO) announces the latest developments on its subsidiary project (FPC Industries Co.)
| Element List | Explanation |
|---|---|
| Introduction | With reference to FIPCO respective announcements on the website of the Saudi Stock Exchange (Tadawul) since Jan.31, 2017, further reference to the last announcement dated Jun. 28, 2018, by which FIPCO indicated that it had completed the installation of the main production lines and the commencement of the trial operation.
(FIPCO), is pleased to inform its shareholders about the latest developments of the project as follows |
| Date of previous announcement | 2018-06-28 Corresponding to 1439-10-14 |
| Progress % | 95% |
| Expected completion date of the event | FIPCO assures that the trial operation of the production lines in its new project (FPC), is in its final stages. Some modifications have been added to some machines to enhance of its features through a qualified technical team of production lines manufacturers, in order to increase the efficiency of the machines and their production capacity to diversify the products. Keeping in mind that The trial production processes are progressively according to the operating requirements and in accordance with the desired quality levels. Taking into consideration that the operating ratios will be gradually increased to full commercial operation during the first quarter of 2019. |
| Expenses related to the event and whether it changed or not with the justification | The sales of the commercial production will be reflected starting from the first quarter of 2019, so that it is difficult to determine the value of the expected financial impact during this period, contrary to what was announced previously since the beginning of 2017, based on the company strategy and expansion plans, as the new factory is the largest of its kind in the Middle East in terms of production techniques, as well as the company aims to export at least 50% of its total sales. |
| Additional Information | - FPC Industries Co. has the latest in European technology of machinery and equipment designed to produce the multi-purpose products. Furthermore, It has a multi-skilled team of experts in this field from various countries to meet the customers’ needs.
- It is worth to mention that These products can be used in the manufacture of tents, umbrellas, handrails, billboards, truck covers, technical textiles for spinning, tarpaulins, insulation and technical textiles for roofs architectures, and commercial malls, as well as it is served for the construction and transportation sectors.
- Any material developments in this regard will be announced in due course. |
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