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SPIMACO sells part of equity portfolio for SAR 482m

SPIMACO sells part of equity portfolio for SAR 482m
The asset’s book value is SAR 247 million
SPIMACO
2070
-4.18% 35.50 -1.55

Riyadh - Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on 15 September sold part of an equity portfolio at the fair value (FV) for SAR 482 million.

The amount represents 10.1% of SPIMACO's total assets, which amount to SAR 4.757 billion as of 30 June 2020. The company is still moving forward in the sale process, according to a bourse filing on Wednesday.

The asset’s book value is SAR 247 million. 

Moreover, the sale proceeds will be used to complete the company’s projects and support its operational processes and future plans.

Furthermore, the Tadawul-listed firm generated profits of SAR 235 million from other comprehensive income until 15 September.