SPIMACO ups Qassim Medical stake to 44%

12/04/2016 Argaam

Saudi Pharmaceutical Industries and Medical Appliances Corporation (Spimaco) has raised its stake in Qassim Medical Services Co. (QMS) to 44 percent from 16.7 percent though the purchase of 5.47 million shares at SAR 136.7 million

 

The deal will be funded from the company’s resources in addition to loans, the company said in a statement to Saudi bourse, Tadawul.

 

Any additional increase in shares, and the resulting financial impact, will be announced later.

 

In January, SPIMACO’s board approved a binding offer to acquire an additional 40 percent stake in QMS for SAR 200 million, which will bring its stake in the company to 56.71 percent.

 

Saudi-listed Spimaco had helped co-found QMS, which was established in 1993.

 

QMS has a current capital of SAR 200 million. It has owned and operated Qassim National Hospital since 2010.

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