Saudi Pharmaceutical Industries & Medical Appliances Corporation’s (SPIMACO) shareholders have approved allocating SAR 220 million in provisions to offset losses at its 4.17 percent-owned affiliate Arabian Industrial Fibers Co. (Ibn Rushd), the company said in a statement on Tadawul.
The provision will be transferred from the general reserve related to the company’s investments on December 31, 2015, the statement added.
Last month, SPIMACO board recommended taking SAR 220 million in provisions to offset 95 percent of Ibn Rushd’s investment losses.
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