SPIMACO AGM approves amending capital hike proposal for Egyptian subsidiary, will start relocating to Riyadh Administrative tower in March 2019
Saudi Pharmaceutical and Medical Supplies Co. (SPIMACO) [2070.SE] AGM has approved amending the proposed capital hike of SPIMACO Egypt to EGP100mn from previously the proposed EGP200mn (current capital of cEGP66.88mn), with SPIMACO contributing EGP17.1mn (SAR3.6mn) to the hike. Also, the company will start gradually relocating to new administrative tower in Riyadh during end of March 2019. (Company disclosure)
SPIMACO: SAR27.50 as of 5 Mar. 2019, Rating: Neutral, TP: SAR30.00/share, MCap: USD880mn, SPIMACO AB/2070.SE
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