SABIC, SPIMACO and SAIB set more limits on foreign investment

Saudi Basic Industries Corporation (SABIC), Saudi Investment Bank (SAIB) and Saudi Pharmaceutical Industries and Medical Appliances Co. (SPIMACO) have set their own restrictions on foreign investment, according to a data compiled by Argaam.

For SABIC, a single investor can own up to one percent of the company’s capital, while Saudi public institutions are excluded from this rule.

SPIMACO stated that founding shareholders of Arab Company for Drug Industries & Medical Appliances (Acdima) may not trade shares during the restriction period. After the lock-up period ends, trading of founding shares will be open only to Saudi nationals.

Meanwhile, SAIB said Saudi investors should always hold a minimum of 65 percent of the bank’s total shares.

A total of six Tadawul-listed firms will remain off-limits to qualified foreign institutional investors (QFIs). This list includes: Taiba Holding Co., Knowledge Economic City, Jabal Omar, Makkah Construction and Development Co., National Shipping Company of Saudi Arabia (Bahri), and Saudi Real Estate Co. (SRECO).