We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 28 Jan 2010 03:10 AM

Font Size

- Aa +

SPIMACO to bid for Egyptian drug firm

Cash bid made to shareholders to buy all or a part of Egyptian company shares.

SPIMACO to bid for Egyptian drug firm
CASH BID: SPIMACO has nade a cash bid to the shareholders of an unidentified Egyptian drug firm. (Getty Images)

Saudi Pharmaceutical Industries and Medical Appliances Co (Spimaco) said on Wednesday it had made a bid to buy into an unidentified Egyptian peer, which would open a market three times bigger than its home turf.

Spimaco made a "cash bid" to shareholders in the company to buy all or a part of its shares once it completes various audits of the targeted company, it said in a statement posted on the Saudi bourse's website.

It did not elaborate.

According to its website, Spimaco has a representation office in Egypt, whose 78 million population is three times that of Saudi Arabia.

The Saudi firm made a net profit of $41.28 million on sales of $253.5 million in 2009.

Its assets stood at $725.3 million in 2009. (Reuters)

Arabian Business: why we're going behind a paywall

For all the latest health tips & news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.