Saudi Pharmaceutical Industries & Medical Appliances Co.’s (SPIMACO) board approved the proposed 50 percent capital increase of its subsidiary, Dammam Pharma to SAR 180 million from SAR 120 million.
SPIMACO will inject SAR 39 million from its own resources in the planned hike, the company said in a statement to Tadawul on Thursday.
The capital increase will be used to finance the Dammam-based plant's working capital requirements, in line with the board's strategy.
The decision is subject to regulatory approvals, SPIMACO said, adding that the related financial impact will be disclosed later on.
Dammam Pharma is 65 percent owned by SPIMACO and 20 percent owned by Arac Healthcare, SPIMACO’s wholly-owned marketing and distribution arm.
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