Saudi SPIMACO to build SAR 100 million office tower in Riyadh

23/02/2014 Argaam

Saudi Pharmaceutical Indust. and Medical Appliances Corp. (SPIMACO) plans to build SAR 100 million- office tower in the Saudi capital, Riyadh, which will be financed from the company’s own resources and bank loans, the company said in a statement today to the Saudi bourse, Tadawul.

The project is expected to be completed by 2016 and details on the financial impact and operation date will be disclosed in the future, it added.

SPIMACO produces pharmaceutical products and generic drugs. It also owns stakes in leading Saudi petrochemical companies, SIIG, Yansab, and Ibn-rushd.

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