Riyadh – Mubasher: The provision taken to offset losses in Arabian Industrial Fiber Company (Ibn Rushd) will not impact Saudi Pharmaceutical Industries and Medical Appliances Corporation’s (Spimaco) profits in the second quarter, said CEO Fahd Al Khalaf.
Spimaco announced on Monday that its shareholders agreed to allocate SAR 22 million from general reserves to offset Ibn Rushd losses.
Speaking to Al Arabiya news channel on Tuesday, the top official noted that the provision is taken from reserves, accordingly it will not affect the company’s Q2-16 profits.
Spimaco owns a 4.17% stake in Ibn Rushd Company, while Saudi Basic Industries Corp (SABIC) owns 48%, while the Public Investment Fund (PIF) owns 33.55%.
