Dishman Pharmaceuticals & Chemicals Ltd joins hands with SPIMACO

Dishman Pharmaceuticals & Chemicals Ltd has informed that Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) has joined as a Joint Venture partner in Saudi Arabian Joint Venture formed by the Company alongwith Arab Company for Drug Industries and Medical Appliances (ACDIMA) and Takamul Holding Company (THC) for new API project.

SPIMACO is a Saudi Joint-Stock Company with a fully paid-up capital of SR 600 million. It was established in 1986 with the main objective of setting up an advanced pharmaceutical industry in the Kingdom of Saudi Arabia, for the local production of medicines and medical appliances and to market these products inside the Kingdom and for Export. SPIMACO has developed a strong position in Saudi Arabia and is well positioned to sustain its growth and have a sound platform to serve export markets.

SPIMACO serves successfully several markets locally and internationally and have built superior relations with regulatory bodies and the medical professions at large. The heavy investments in regulatory, marketing, sales and international alliances gave SPIMACO the market capabilities to prosper and overtake a lot of competitors.

The new Company is issued industrial licenses in the name of CAD Middle East Pharmaceutical Industries Ltd (CAD). CAD will initially manufacture 20 API´s in a multi-purpose facility with room to expand product base. Dr. Salim Babhair, Managing Director of SPIMACO is the Chairman of the Board of CAD. With SPIMACO joining as a JV partner, CAD will have a ready market.

The project will be seeking soft loans from local government bodies such as Saudi Industrial Development Fund (SIDF) and British Offset in the Kingdom with further support to allocate subsidized land by Saudi Economic offset Program (EOP).

Source : Equity Bulls

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