Saudi Pharmaceutical Industries & Medical Appliances Co.’s (SPIMACO) board approved the planned capital increase of subsidiary Watan Pharma Co., the company said in a stock market filing.
The subsidiary plans to increase capital to SAR 150 million from SAR 100 million, to cover the cost of executing its industrial complex project, the statement added.
Other shareholders into Watan Pharma will contribute to the capital increase on a pro rata basis.
SPIMACO will contribute SAR 32.5 million representing its 65 percent stake, Arak Health Care Co. will inject SAR 7.5 million representing a 15 percent stake, while Arab Company for Drug Industries and Medical Appliances (ACDIMA) will pay SAR 10 million representing 20 percent stake.
The timeline for the subject project has yet to be announced.
The board of directors has also approved a request by Watan Pharma to add the activities of producing veterinary drugs and medical supplies to its core business.
In February 2016, SPIMACO board of directors had approved the establishment of a new SAR 100 million specializing in quasi-pharmaceutical and medical cosmetics, according to data compiled by Argaam.
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