Saudi Spimaco to increase capital of Arak Healthcare by 500 percent

20/04/2014 Argaam

Saudi Pharmaceutical Indust. and Medical Appliances Corp. (Spimaco) will increase by 500 percent to SAR 500 million the capital of its subsidiary Arak Healthcare to finance its future expansion plans, the company said in a statement to the Saudi bourse, Tadawul.

The company will finance the capital increase from its own profit, it added.

Arak, the marketing and distributing arm or Spimaco, is 95 percent owned by Spimaco.

Spimaco produces international pharmaceutical products under licenses as well as generic drugs. It owns stakes in leading petrochemical companies; Yansab, Ibn Rushd and Saudi Industrial Investment Group (SIIG). 

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