Filling and Packing Materials Manufacturing Co. (FIPCO) has finalized all procedures related to increasing the capital of its joint venture, FBC Industrial Co. Ltd, to SAR 18 million from an initial capital of SAR 10,000.

 

The capital hike, which aims to support FPC’s business activities, will be financed by credit of nearly SAR 18 million from partners, FIPCO said in a statement today to Tadawul.

 

The company will announce further developments as they occur, the statement added.

 

In October 2017, FIPCO said it had reached agreements with \ major contractors to execute the construction and technical works for its new manufacturing industries joint venture.

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