SPIMACO acquires 51% stake in Egypt’s Meivo

29/11/2015 Argaam

Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) has completed on Sunday the acquisition of a 51 percent stake in Egypt’s Meivo International for Pharmaceutical Industries for SAR 74.88 million, the company said in a statement on Tadawul.

 

The deal was financed from SPIMACO's own resources, as well as other existing loans.

 

The related financial impact from is expected to reflect on Q4-2015 results, the Saudi-based pharmaceutical manufacturer added.

 

Earlier this year, SPIMACO said the deal is part of its endeavor to increase its production capacity abroad.

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