SPIMACO sells part of equity investment portfolio for SAR 482 mln

Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Sept. 15 sold a portion of a fair-value equity investment portfolio at SAR 482 million, the company said in a bourse filing.

The sale proceeds accounted for 10.1% of SPIMACO’s total assets valued at SAR 4.76 billion, as on June 30, 2020, and will be used to finance ongoing projects and support operations along with future plans.

The transactions were carried out via the Saudi Stock Exchange (Tadawul), with the asset’s (chemical industries) book value at SAR 247 million.

SPIMACO generated comprehensive income of SAR 235 million as on Sept. 15, 2020.

The sale deal gains cannot be classified in the profit/ loss statement, but they will be transferred from the fair value reserve to the retained earnings, the statement added.