ADIMA divests 10% stake in Saudi pharma firm SPIMACO for $87mln

SPIMACO

SPIMACO

2070.SA

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The Arab Company for Drug Industries and Medical Appliances (ACDIMA) has divested a 10% stake in Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) for 326.34 million Saudi Arabian riyals ($87 million).

ACDIMA divested 11,998,000 shares in the pharmaceutical company to two funds operated by Alistithmar Capital, a subsidiary of the Saudi Investment Bank. Following completion of the transaction, ACDIMA will continue to hold a 10.5% stake in SPIMACO.

GIB Capital acted as the financial advisor to ACDIMA on the stake sale.

ACDIMA, based in Jordan, is a pan-Arab shareholding company established by a resolution from the Arab Economic Unity Council in 1976 to support the region’s pharmaceutical industry. Member states include Saudi Arabia, the UAE, Qatar, Kuwait and Iraq.

(Writing by Bindu Rai, editing by Seban Scaria)

bindu.rai@lseg.com

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