SPIMACO’s Morocco affiliate approves capital raise

The capital hike aims to complete the financing of the industrial project in Morocco’s Barshid city

  

Riyadh -  The Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) said the extraordinary assembly of its 70.65%-owned subsidiary, SPIMACO Morocco for Pharmaceutical Industries, approved increasing the company’s capital to MAD 582.161 million from MAD 470 million.

SPIMACO will contribute to the capital raise through capitalising the previously-granted shareholders’ loan of MAD 47.332 million and will provide cash contribution for the remaining amount that will be determined later on by the company’s board, according to a bourse filing on Tuesday.

The capital hike aims to complete the financing of the industrial project in Morocco’s Barshid city.

Source: Mubasher

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