SPIMACO (2070.SE) announced it has sold 7 million shares of its stake (c10.7mn shares) in Yansab (2290.SE) for SAR341mn, reducing its current ownership to c3.7mn shares (c0.65% stake, down from 1.9%). SPIMACO sold the shares between 26 October 2016 and 15 January 2017 at an average price of SAR48.7/share. It will book a total capital gain of SAR271mn; SAR248mn in 4Q16 and SAR23mn in 1Q17. The proceeds will be used to finance current and future healthcare investments, and management asserted it will continue to review/assess the need to sell its AFS investments. We view this as a positive step to relieve the pressure on cash flow in 2016  and focus on core healthcare operations. The sale will have no material impact on our valuation, as we value Yansab based on our in-house valuation that is slightly above the average sale price. However, it will affect our pre-tax earnings forecasts, as follows: i) in 2016, it will increase to SAR481mn from SAR233mn, driven by the capital gain; and ii) in 2017, it will reduce by 5% to SAR265 to reflect the net impact of the capital gain and fall in dividend received from Yansab. Moreover, the cash proceeds may support dividend payment for 2016, in our view, and pose upside risk to our dividend forecast. Our current forecast calls for DPS of SAR0.7, down from SAR1.0 in 2015. (Tadawul, Wafaa Baddour, Adham El Badrawy)   SPIMACO: SAR36.10 as of 15 January 2017, Rating: Neutral, TP: SAR42.00 per share, MCap: USD1,155mn, SPIMACO AB / 2070.SE YANSAB: SAR53.75 as of 15 January 2017, Rating: Buy, TP: SAR54.00 per share, MCap: USD8,063mn, YANSAB AB / 2290.SE