the investigation period does not exceed (12) months starting from November 30, 2023, and (GAFT) may extend the period for conducting the investigation for an additional period or periods that do not exceed in total (18) months from the date of announcing the start of the investigation.

It is expected that there will be a positive financial impact that is difficult to determine due to market conditions, and there will be an end to the dumped and subsidized imports and to safeguard from the increase in imports during the investigation period.

This decision comes into action as a result for the company’s efforts exerted more than two years, as FPC has suffered over the past years from not achieving its sales targets and its financial results due from unfair competition and dumping practices pursued by Chinese and Korean companies. Accordingly, the company formed an internal project teamwork to reduce costs, in order to conduct Search, trace, and collect evidence. Then the complaint was officially submitted to (GAFT).

FPC has provided evidence of its production capabilities compared to levels of local demand and provided assurances that the product under investigation and the similar local product have the same physical and chemical characteristics, production process, technology, use, distribution channels, and customs classification. FPC in addition, has provided evidence of the existence of dumping practices in the local market.

FIPCO assures its full readiness to continue the work and participate in all stages of the investigation in cooperation with the relevant authorities until anti-dumping duties are applied.

FIPCO will announce any developments related to the anti-dumping complaint and its financial impact (if any) when applicable on due course.