SPIMACO’s Morocco plant delivery delayed to Q4 2018

03/01/2018 Argaam

 

Saudi Pharmaceutical Industries and Medical Appliances Co. (SPIMACO) said that its planned pharmaceutical plant in Morocco is set to be delivered by Q4 2018, instead of Q4 2017.

 

This is due to a delay in obtaining some government licenses, as well as delays in construction work, the company said in bourse statement.

 

In December 2016, the Saudi-listed pharmaceutical firm said that its Moroccan affiliate, SPIMACO Morocco (E-Pharma), had approved a capital hike to MAD 470 million from MAD 250 million.

 

SPIMACO at the time said it would contribute to the capital hike in order to finance a new plant project in Morocco.

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