SPIMACO to up its stake in E-Pharma Morocco through capital raise

26/04/2015 Argaam
Saudi Pharmaceutical Industries and Medical Appliances (SPIMACO) approved raising the capital of its Morrocan subsidiary, E-pharma, from MAD 150 million ($15.19 million) to MAD 250 million ($25.3 million), as well as upping its majority stake in the company.
 
SPIMACO will raise its stake to 65.21 percent from 62.68 percent by taking part in the increase with an amount of MAD 69 million ($6.99 million), according to its statement to the Saudi bourse, Tadawul.
 
E-Pharma plans to use the proceeds to fund a new plant in compliance with international standards at its company-owned land in Casablanca. 
 
The capital hike is currently pending the approval of competent authorities and the company’s extraordinary general meeting.

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