Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) sold some of its shares in Yanbu National Petrochemical Co. (Yansab) earlier this week in order to fund its healthcare and pharmaceuticals investments, CNBC Arabia reported, citing chief executive, Fahad Al Khalaf.
SPIMACO lowered its stake in Yansab to 3.64 million from 10.7 million earlier after it sold seven million shares at SAR 48.65 a share for a total of SAR 340.6 million.
Al Khalaf indicated that the company’s stakes in National Industrialization Company (Tasnee) and Saudi Industrial Investment Group (SIIG), in addition to the remaining equity in Yansab, are available-for-sale investments that can be liquidated if the company needs cash to invest in the health and pharmaceuticals industries.
Meanwhile, Dammam Pharma, which is 65 percent owned by SPIMACO, is set to start operations in Q2-2017, Al Khalaf noted.
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