SPIMACO to up ENAYAH stake by 12% in SAR 45M deal

SPIMACO expects the financial impact of additional stake acquisition to show starting H2 2026

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) signed a binding agreement to acquire an additional 12% stake in Arabian Medical Products Manufacturing Co. (ENAYAH) for SAR 45 million, the company said in a statement to Tadawul.

Upon completion of the transaction, SPIMACO's ownership in ENAYAH will increase to 63% from 51% through the acquisition of shares held by Accendra Health.

The transaction remains subject to amendments to ENAYAH's articles of association, the issuance of a new commercial registration by the Ministry of Commerce, and obtaining a non-objection from the General Authority for Competition.

SPIMACO said the acquisition will be financed through its own resources.

ENAYAH is a leading manufacturer of a range of single-use medical products, including surgical gowns, personal protective equipment (PPE), customized surgical packs, wound care accessories, and sterilization products. The company serves customers across Saudi Arabia, the GCC, the Middle East and North Africa, and Europe.

SPIMACO said the acquisition is part of its strategy to strengthen strategic investments, expand its business scope, and enhance its presence in the medical products manufacturing sector.

The acquisition reflects its commitment to developing production capabilities and strengthening integration with leading national companies in the sector, supporting the pharmaceutical and medical industries ecosystem in Saudi Arabia, SPIMACO added.

The financial impact of the acquisition is expected to be reflected in SPIMACO's financial statements beginning in H2 2026.

The company noted that Faisal Al-Fadhli, a board member of ENAYAH and Executive General Manager of Investment and Subsidiaries at SPIMACO, and Mohammed Al-Asmari, a board member of ENAYAH and Chief Corporate Affairs Officer at SPIMACO, are related parties to the agreement.