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Business

Borouge okays $656m dividend

The company said dividend reflects its resilience

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Blurb: Profit reaches $52 million in H1

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Dubai district cooling demand lifts earnings

SPIMACO secures $335m loan

Set up in 1986, the pharma company is one of the biggest players in the Saudi medical sector. (SPIMACO)
By TRENDS Desk AFP
August 30, 2022 12:06 pm
  • The pharma company secured the shariah-compliant financing to grow the business
  • The firm obtained the facilities in the form of short-term loans to finance working capital needs, long-term loans for expansions and investments, and treasury facilities

Riyadh, Saudi Arabia— Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has obtained a loan of $335 million from Bank Albilad, Gulf International Bank, and Banque Saudi Fransi.

The pharma company secured the shariah-compliant financing to grow the business.

The firm obtained the facilities in the form of short-term loans to finance working capital needs, long-term loans for expansions and investments, and treasury facilities, according to a bourse filing.

Bank Albilad, Gulf International Bank, and Banque Saudi Fransi were the sole financing entities of the transaction.

Established in 1986, SPIMACO is one of the biggest players in the Saudi medical sector, engaged in manufacturing and distributing pharmaceutical products and medical appliances.

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INSEAD Day 4- 300x600