Saudi Pharmaceutical Industries and Medical Appliances (SPIMACO) said that its Moroccan subsidiary E-Pharma approved raising its capital to MAD 470 million from MAD 250 million.
SPIMACO contributed MAD 169.4 million to E-Pharma’s capital raise, it said in a statement. It also subscribed MAD 151.8 million worth of shares and injected an additional MAD 17.6 million into the company’s capital.
The funds were financed from SPIMACO’s internal resources.
E-Pharma’s shareholders also approved rebranding the company to SPIMACO Morocco, after obtaining regulatory approvals.
E-pharma was established in 2000 as a limited liability company. The Morocco-based pharmaceuticals distributor is 62.68 percent owned by SPIMACO.
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