Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Thursday said that its board of directors approved to inject SAR 39 million in the capital hike of its 65% subsidiary, Dammam Pharmaceutical, during a meeting held in the previous day.
Dammam Pharmaceutical’s capital will increased by 50% to SAR 180 million from SAR 120 million, the Saudi drugmaker said in a statement to the Saudi Stock Exchange (Tadawul).
The parent firm further indicated that the capital hike of aims to finance the unit's operating capital to cope with its strategic plans.
Earlier on Thursday, SPIMACO announced completing the construction works of its new unit in Morocco at Berrechid region in Casablanca city.
SPIMACO last reported a 35.6% year-on-year profit drop during the first nine months of 2018, amounting to SAR 87.98 million, compared to SAR 136.64 million.
In Q3-18, the company incurred a loss of SAR 3.35 million after calculating zakat and tax, compared to SAR 16.72 million in Q3-17.
By 12:03 pm Saudi time, SPIMACO's stock inched up 0.68% to SAR 29.50.
