SPIMACO signs SAR 134m contract for the execution of its Dammam project

29/09/2014 Argaam

Dammam Pharmaceutical Company, an affiliate of SPIMACO Pharmaceutical Company, signed today SAR 134m contract for the execution of its pharmaceutical project in Dammam.

The contract was signed with Absal Paul Contracting Co., a Saudi Irish Company; SPIMACO said in its filing to Tadawul today.

The company expected the project to be complete by Q2-2016 rather than Q1-2015 as was announced before clarifying that the previously announced date was based on the preliminary engineering study.

Dammam Pharmaceutical Company is a limited liability company that is 65% owned by SPIMACO Pharmaceutical Company and 20% by ARAK Healthcare (100% owned by SPIMACO).

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