SPIMACO approves Dammam Pharma’s 100% capital hike

27/07/2016 Argaam

Saudi Pharmaceutical Industries & Medical Appliances Corporation’s (SPIMACO) board has approved a recommendation from its subsidiary Dammam Pharma to double its capital to SAR 120 million.

 

SPIMACO will finance this increase by injecting SAR 51 million from its own resources, the company said in a statement to the Saudi bourse, Tadawul.

 

The capital increase is aimed at completing the Dammam-based pharmaceutical plant.

 

SPIMACO added that it expects the facility to be complete in Q4-2016, compared to the original date set in the second quarter due to delays in engineering works.

 

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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