Riyadh-Mubasher: The board of Saudi Pharmaceutical Industries and Medical Appliances Corporation (Spimaco) put forward a recommendation to the extraordinary general meeting to use the SAR 220 million ($58.66 million) general reserves to offset the losses of subsidiary Ibn Roshd Education Company.
Spimaco owns 4.17% stake in Ibn Roshd. Thus, with its above provision, Spimaco will be covering 95% of the losses that are proportional to its stake in the equity.
