SPIMACO boosts ENAYAH stake to 63% in SAR 45M deal

Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) signed a binding agreement to acquire an additional 12% stake in Arabian Medical and Scientific Supplies (ENAYAH) for SAR 45 million. The deal lifts SPIMACO's total ownership in ENAYAH to 63%.

The purchase price values the 12% block at a premium to ENAYAH's recent trading levels. SPIMACO said the transaction aligns with its strategy to consolidate control over distribution channels for pharmaceutical and medical products in Saudi Arabia.

ENAYAH distributes medical equipment, laboratory supplies, and pharmaceutical products across the kingdom. SPIMACO already held a 51% majority stake before this deal. The additional shares come from existing ENAYAH shareholders, the company said in a regulatory filing.

The transaction requires regulatory approvals and is expected to close in the second half of 2025. SPIMACO will fund the purchase from internal cash reserves, according to the filing.

SPIMACO shares traded flat on the Saudi Exchange following the announcement. The stock is down roughly 8% year to date, underperforming the Tadawul All Share Index.