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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced that shareholders of its subsidiary, Qassim Medical Services Co. (QMS), have approved plans to offer and list a portion of the subsidiary's shares on the Nomu-Parallel Market. The decision was formalized during an extraordinary general assembly meeting. SPIMACO currently holds a majority stake of 57.23% in Qassim Medical Services.
The corporate action reflects a broader trend among Saudi parent companies looking to unlock value from their subsidiaries via the Nomu market, which offers tailored listing requirements for growing businesses. Although the listing process is still in its early stages and remains contingent on regulatory approvals, the step enhances the financial transparency and independence of QMS while allowing SPIMACO to optimize its equity investment portfolio.
Moving forward, the transaction's completion will depend on approvals from the Capital Market Authority and Tadawul. Investors will be keeping a close watch on future disclosures regarding the exact size of the stake offered, the prospectus details, and valuation metrics, which could impact SPIMACO's balance sheet and valuation on the main market.
