Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has entered into a binding agreement to raise its stake in Arabian Medical Products Manufacturing Company (ENAYAH).
SPIMACO intends to buy an additional 12% stake, increasing its ownership to 63% from 51%, according to a bourse filing.
The acquisition will be carried out through the purchase of shares from Accendra Health at an amount of SAR 45 million ($12 million).
ENAYAH is a leading manufacturer of an extensive range of single-use healthcare products, serving customers across Saudi Arabia, the GCC, the MENA region, and Europe.
On 11 June, SPIMACO extended and increased its Sharia-compliant credit facilities with the Saudi National Bank (SNB) from SAR 200 million to SAR 350 million.
