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SPIMACO announces optional liquidation of under-construction unit

SPIMACO announces optional liquidation of under-construction unit
SPIMACO will manufacture some of the unit's products in its plant in Al Qassim
SPIMACO
2070
0.43% 35.30 0.15

Riyadh - Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) said its partners in Al Watan Arabia for Pharmaceutical Products, a fully-owned limited liability subsidiary, approved the optional liquidation of the unit starting as of 16 September 2020.

There will be no material impact from the said liquidation as the unit did not start its commercial activity and has no capital projects, according to a bourse filing on Thursday.

Last year, Al Watan Arabia's capital was set to be increased to SAR 150 million from SAR 100 million but the hike procedures were not completed.

The subsidiary manufactures cosmetics and pharmaceutical substances that are used in medicines.

SPIMACO will manufacture some of Al Watan Arabia's products in its plant in Al Qassim area.