SPIMACO plans to exit SAR 1.15 bln investment portfolio: CEO

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) is planning to exit its investment portfolio valued at SAR 1.15 billion, as the company is currently in need of additional finance for its projects and expansions, CEO Fahad Alkhalaf told Argaam in an exclusive interview on Sunday.

The Tadawul-listed firm plans to focus these investments into its core activities; pharmaceuticals and healthcare.

The portfolio currently comprises the company’s shares in Saudi Industrial Investment Group (SIIG) and National Industrialization Co. (Tasnee).

Selling these shares is still up for discussion and is subject to the company’s need for finance, Alkhalaf said, adding that the selling would be gradual if finalized.

For example, the company took two years, since the first quarter of 2016, to sell all its shares in Yanbu National Petrochemical Co. (Yansab), the CEO added.

Selling these shares will allow the company to finance its projects, as well as for its internal expansion, including the factory in Al-Qassim for Cancer Medical Production, in addition to the overseas investments.

SPIMACO has sold 2.6 million shares of Yansab for SAR 194.3 million at SAR 72.64 per share, data compiled by Argaam showed.