Spimaco Acquires 50% Stake in Morocco Ipharma for $4.5 Million

Saudi Pharmaceutical Industries & Medical Appliances Corp. will acquire a 50 percent stake in Morocco’s Ipharma, the Riyadh-based company said in a statement to the Saudi bourse website today.

The investment will be carried out when Ipharma doubles its capital by issuing new shares valued at 17 million riyals ($4.5 million), the statement said.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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