Filling and Packing Materials Manufacturing Co. (FIPCO) has been awarded a SAR 20.49 million contract by the Saudi Basic Industries Corp. (SABIC) to produce and supply plastic bags, the company said in a bourse statement.

 

The contract value will vary according to the fluctuation of raw material prices, based on the supply agreement signed by FIPCO on April 23.

Delivery term is 19 months starting from May 2018 until the end of December 2019.

The financial impact of the signed contract is expected to reflect from Q2 2018, FIPCO said.

 

FIPCO also added that no related parties are involved in the deal.

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