Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) has signed a facility agreement at a value of SAR 287.1 million ($76.51 million) with the Saudi Industrial Development Fund (SIDF).
The facility will be allocated to financing SPIMACO’s existing projects, according to a statement to the Saudi Stock Exchange (Tadawul).
The loan will be repaid over 10 semiannual instalments, the medical appliances firm said, noting that it will mortgage the projects' assets to SIDF.
On 7 August, the Tadawul-listed firm announced receiving SIDF’s approval for an SAR 287.1 million loan.
SPIMACO last reported a 35.6% year-on-year profit drop during the first nine months of 2019, logging SAR 87.98 million, compared to SAR 136.64 million.
During the third quarter of 2018, the company incurred a loss of SAR 3.35 million after calculating zakat and tax, compared to SAR 16.72 million in Q3-17.
SPIMACO’s stock levelled down 0.68% to close Thursday's trading activities at SAR 29.40.
