Riyadh-Mubasher: Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) said its board gave the go-ahead for establishing a SAR 100 million company specialised in quasi-pharmaceutical and medical cosmetics, according to the company’s filing to Tadawul.
The new firm will be built on a 95,000 sq m land plot in Al Qassim.
The project’s cost is estimated at nearly SAR 200 million, to be financed through the company’s cash resources, as well as bank loans.
SPIMACO will hold a 65% stake in the new entity, while its subsidiary ARAC Health Care will own 15%. In addition, Jordan’s Arab Company for Drug Industries and Medical Appliances (ACDIMA) will hold a 20% equity in the new company.
