By Souhail Karam
Cash bid made to shareholders to buy all or a part of Egyptian company shares.
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)