Saudi Pharmaceutical Industries and Medical Appliances Co.’s (SPIMACO) has sold 2.6 million shares of Yanbu National Petrochemical Co. (YANSAB) for SAR 72.64 a share, totaling SAR 194.3 million, the company said in a bourse filing.
The offloaded shares represented an available-for-sale investment, and they were sold in phases between 15 April 2018 to 6 May 2018.
SPIMACO will book a capital gain of SAR 167.6 million and the proceeds will be used in financing the company’s existing projects.
The relevant financial impact will appear in the second quarter of 2018.
“SPIMACO will reconsider selling more available-for-sale investments, in line with its strategy aimed at boosting healthcare and pharmaceuticals projects”, according to the statement.
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