FIPCO converts subsidiary to joint stock, raises capital to SAR 70 mln

Logo of Filing and Packing Materials Manufacturing Co. (FIPCO)

Filling and Packing Materials Manufacturing Co. (FIPCO) said in a statement to Tadawul that it finalized all the regulatory measures related to converting its subsidiary FPC Industries Co. from a limited liability company to a closed joint stock company.

FIPCO also increased FPC’s capital from SAR 18 million to SAR 70 million, issued new bylaws and amended the commercial registry.

The financial impact relevant to this restructuring will appear in the company’s financial statements as of Q4 2023.

FIPCO board of directors approved by circulation, on May 30, to transform FPC -- in which FIPCO owns 100% of its paid-up capital of SAR 18 million -- from a limited liability company to a joint stock company, Argaam reported.