Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) (2070.SE) has signed a 20-year rental agreement with Saudi Industrial Property Authority (Modon), for c95 sqm of land in Qassim Industrial City for SPIMACO’s earlier announced new pharmaceutical products and cosmetics company. Earlier in February, SPIMACO had announced the Board of Director’s approval to establish the company with a capital of SAR100mn, where the project was estimated to cost roughly SAR200mn, and SPIMACO will own directly and indirectly c85%, while Arab Company for Drug Industries and Medical Appliances (ACDIMA) will own the remaining 15%. Currently, the designs for the new plant are being developed. (Tadawul)    SPIMACO: SAR28.49 as of 09 October 2016, Rating: Buy, FV: SAR45.00 per share, MCap: USD912mn, SPIMACO AB / 2070.SE