SPIMACO restructures Dammam Pharma’s Capital:

SPIMACO Pharmaceutical company announced today on tadawul raising Dammam Pharmaceutical Company capital by 1100% from SAR 5m to SAR 60m.

The capital raise is to take place by issuing new shares at a par value of SAR 100 to increase the number of outstanding shares from 50,000 shares to 600,000 shares. The capital raise will be financed by the company’s internal resources.

The board of directors also approved selling 15% of SPIMACO interest in Dammam Co. to Cooper Pharma Moroccan Company.

The new ownership structure of Dammam Pharma Co. will be as follows:

• 65% by SPIMACO.
• 20% by ARAC (100% owned by SPEMACO)
• 15% by Cooper Pharma

The project is expected to be implemented by Q1 of 2015.