Financial and Banking News


Saudi Pharmaceutical Shares Oversubscribed 

The recent flotation of 1.8mn shares worth SR90mn ($25mn) by the Saudi Pharmaceutical Industries and Medical Appliances Company (Spimaco) was three times oversubscribed, according to the company's General Manager, Dr. 'Abd Allah 'Abd al-Qadir. The company, which will be the first Saudi firm to manufacture drugs domestically, is planning to build a $5mn manufacturing plant in...