SPIMACO’s board approves 50% capital raise of its affiliate

The board of directors of SPIMACO Pharmaceutical Company approved 50% capital raise (from MAD 100m to MAD 150m) for its Moroccan affiliate, E-Pharma, after obtaining necessary approvals.

SPIMACO will maintain its 54.52% stake in E-Pharma through contributing SAR 12.4m (MAD 27.26m) to this capital raise. The amount will be paid out of the company’s internal resources.

SPIMACO may increase its stake to 62.68% through increasing its contribution by a maximum of MAD 12.24m if some other partners are not willing to participate in the IPO; the company said in a statement today.

E-Pharma is a limited liability company that was established in Morocco in year 2000 to manufacture, market and import medicine and pharmaceutical products.

The capital raise is intended to finance E-Pharma’s new plant near Casablanca. The plant is expected to be completed by mid 2016 and will be established according to international quality standards.