SIDF grants SAR 54 mln loan to SPIMACO's subsidiary

01/04/2015 Argaam
Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) said its 65 percent-owned subsidiary, Dammam Pharma, has received approval from Saudi Industrial Development Fund (SIDF) to finance part of the company’s SAR 134 million project. 
 
The SAR 54.1 million finance-deal will be paid on a bi-annually basis in seven years with the guarantee of the fixed assets of the project, in addition to collateral guarantee from SPIMACO.
 
Dammam plans to build a pharmaceuticals plant in Dammam First Industrial City with Absal Paul, a Saudi-Irish company. 
 
The SAR 134 million-project should be completed in the second quarter of 2016.

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