SPIMACO ups Qassim Medical stake to 57%

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) has raised its stake in Qassim Medical Services Co. (QMS) from 44.04 percent to 57.2 percent through the purchase of 2.64 million shares, at a total value of SAR 65.9 million.

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

The related financial impact will be announced in due course, it added.

Last month, the pharmaceuticals firm increased its QMS’ stake in QMS to 44 percent from 16.7 percent, by buying 5.47 million shares worth SAR 136.7 million.

In January, the Saudi-listed firm’s board approved a binding offer to acquire an additional 40 percent stake in QMS for SAR 200 million, increasing the stake in the company to 56.71 percent.

SPIMACO helped establish QMS in 1993. The medical services company has a current capital of SAR 200 million. It has owned and operated Qassim National Hospital since 2010.