SPIMACO to sell stake in foreign investment for SAR 150 mln profit

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) will sell its stake in one of its foreign investments to a US-based company listed on the New York Stock Exchange.

SPIMACO didn’t disclose the name of the concerned investment due to a confidentiality clause, adding that it expects a profit of SAR 150 million from ​the transaction​,​ which will appear in second quarter financial statements.

The company’s board of directors has already approved the offer, according to its statement to Tadawul.