Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)
GIB Capital, the financial advisor and bookrunner for the Arab Company for Drug Industries and Medical Appliances (ACDIMA), announced the launch of an accelerated bookbuild offering to sell the latter’s entire stake in Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO). 
ACDIMA’s stake amounts to 12.59 million shares, or 10.49% of the company’s issued share capital. The offering is open to institutional investors based in Saudi Arabia, according to a statement to Tadawul today, Sept. 3.
The offer price will be determined through an accelerated bookbuilding process, which will commence immediately. The results of the offering, including the final offer shares and offer price, will be announced by Sept. 6.
The stake sale will be executed through negotiated deals on Sept. 6, in accordance with the Negotiated Deals Framework stipulated under the Trading and Membership Procedures approved by the board of the Capital Market Authority.
Should the selling shareholder hold any remaining shares in the company following the completion of the offering, the selling shareholder will be subject to a 60-day contractual lockup undertaking with respect to any such remaining shares, consistent with the selling shareholder’s measured approach to any further sell-downs, according to the statement.
GIB Capital also noted that the company will not receive any proceeds from the offering, noting that sale will not result in any dilution of the shares of the other SPIMACO shareholders.
SPIMACO shares closed today’s trading up slightly at SAR 30.80. Accordingly, the market value of the shares planned to be put up for sale reached nearly SAR 387.7 million.
Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)
GIB Capital, the financial advisor and bookrunner for the Arab Company for Drug Industries and Medical Appliances (ACDIMA), announced the launch of an accelerated bookbuild offering to sell the latter’s entire stake in Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO).
ACDIMA’s stake amounts to 12.59 million shares, or 10.49% of the company’s issued share capital. The offering is open to institutional investors based in Saudi Arabia, according to a statement to Tadawul today, Sept. 3.
The offer price will be determined through an accelerated bookbuilding process, which will commence immediately. The results of the offering, including the final offer shares and offer price, will be announced by Sept. 6.
The stake sale will be executed through negotiated deals on Sept. 6, in accordance with the Negotiated Deals Framework stipulated under the Trading and Membership Procedures approved by the board of the Capital Market Authority.
Should the selling shareholder hold any remaining shares in the company following the completion of the offering, the selling shareholder will be subject to a 60-day contractual lockup undertaking with respect to any such remaining shares, consistent with the selling shareholder’s measured approach to any further sell-downs, according to the statement.
GIB Capital also noted that the company will not receive any proceeds from the offering, noting that sale will not result in any dilution of the shares of the other SPIMACO shareholders.
SPIMACO shares closed today’s trading up slightly at SAR 30.80. Accordingly, the market value of the shares planned to be put up for sale reached nearly SAR 387.7 million.
