‎SPIMACO to transfer SAR 184.7 mln from reserves to offset accumulated losses

‎SPIMACO to transfer SAR 184.7 mln from reserves to offset accumulated losses

Logo ofSaudi Pharmaceutical Industries Medical Appliances Corporation (SPIMACO)

Shareholders of Saudi Pharmaceutical Industries Medical Appliances Corporation (SPIMACO) approved on Nov. 14 the board’s proposal for transferring SAR 34.71 million from consensual reserve and SAR 150 million from the general reserve balance to entirely offset the company’s accumulated losses of SAR 124.36 million. These losses represent 10.36% of SPIMACO’s capital, as of March 31, 2023.