Saudi Pharmaceutical Industries & Medical Appliances Corporation’s (SPIMACO) board of directors recommended on Sunday setting aside SAR 220 million in provisions to offset losses in its 4.17 percent-owned affiliate Arabian Industrial Fibers Co. (Ibn Rushd).
The company plans to offset 95 percent of Ibn Rushd’s investment losses, SPIMACO said in a bourse statement.
The provision of a medium-term loan totaling $543,000 for Algeria-based Tassili Arab Pharmaceutical Company (TAPHCO), which is 21.97 percent-owned by SPIMACO, was also discussed.
At the meeting, the board of directors approved reappointing Saleh Bin Manea Al Khaliwi as chairman.
SPIMACO added that relevant proposals will be submitted to the upcoming general assembly meeting for approval. The meeting date will be fixed after obtaining regulatory approval.
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