SPIMACO set to acquire 51% stake in Egypt’s Meivo ​

04/05/2015 Argaam

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) is set to submit a binding offer to acquire 51 percent of Egypt’s Meivo International Pharmaceutical Industries for a deal of $19.3 million before deducting net debts, which will be determined on the transaction’s closing day.

The company said in a statement to Tadawul that the board of directors has approved the transaction and will complete all necessary legal procedures, adding that it will finance the deal from its own resources, in addition to loans.
 
SPIMACO said that the move is part of its endeavor to increase its production capacity abroad.
 

Based in Egypt's coastal city of Alexandria, ​Meivo International Pharmaceutical Industries was launched in 2012 with a capital of $7.73 million (EGP 59 million).

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