Saudi Pharmaceutical Industries and Medical Appliances Co. (SPIMACO) said in a bourse statement that shareholders of its pharmaceutical plant in Morocco (E-Pharma) approved capital hike from MAD 470 million (SAR 192.7 million) to MAD 582.16 million (SAR 283.7 million).
SPIMACO owns a 70.65% stake in the Moroccan affiliate and will contribute to the capital hike through capitalizing the previously granted shareholders’ loan of MAD 47.33 million (SAR 19.4 million), in addition to a cash contribution for the remaining amount that will be determined later by the board of directors.
The capital hike aims at financing the industrial project in Morocco.
SPIMACO Morocco is a closed joint stock company engaged in manufacturing, marketing, importing and distributing medicines and pharmaceutical products in Morocco.
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