SPIMACO Egypt approves amending capital hike

05/03/2019 Argaam

 

Saudi Pharmaceutical Industries and Medical Appliances Co.’s (SPIMACO) 51.66 percent affiliate, SPIMACO Egypt, approved amending the proposed capital hike to EGP 100 million instead of EGP 200 million from EGP 66.879 million, the firm said in a bourse statement.

 

The Saudi-listed company will contribute EGP 17.1 million (SAR 3.6) to the capital hike.

 

In May 2018, SPIMACO’s board of directors approved a recommendation to increase the capital of SPIMACO Egypt by 199 percent to EGP 200 million from EGP 66.879 million, Argaam reported earlier.

 

 The Saudi-listed company said then it would contribute EGP 68.77 million (SAR 14.6) to the capital hike to maintain its 51.66 percent stake in the Egyptian subsidiary.

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