"Spimaco" Resolves the Controversy Regarding "Qassim Medical": No Exit Currently

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Abdulaziz Al-Awd, the Chief Financial Officer of Spimaco Pharmaceutical Group, stated that Al-Qassim Medical Services Company, which is 57% owned by Spimaco, is considering listing its shares on the parallel market "Nomu" to support the next phase of growth for Al-Qassim National Hospital in Buraidah and enhance its governance.

Al-Awd explained in an interview with "Al-Arabiya Business" that Al-Qassim Medical Services is the main owner of Al-Qassim National Hospital, which is one of the first hospitals established in the Al-Qassim region, noting that the company is working on future expansion plans that include a number of health services to meet the aspirations of beneficiaries in the region.

Regarding whether new shares will be issued or if there will be a partial exit for current shareholders during the offering process, Al-Awd indicated that the offering procedures are still in the early stages, clarifying that the structure of the process has not yet been finalized, emphasizing that the final option is subject to study by the company, Spimaco, and the consultants.

He pointed out that the main goal of the offering is to support the hospital's expansion and growth, in addition to diversifying the necessary funding sources for future expansions, noting that Al-Qassim National Hospital represents one of Spimaco's strategic investments and it is too early to talk about an exit, and we will do what serves the offering in the future.

Al-Oud pointed out that the hospital contributes about 10% of "Spimaco"'s revenues and approximately 5% of its profits, while the final valuation of "Qassim Medical Services" has not yet been determined, as the valuation and fair price for the offering will be subsequent steps in the listing process.

He stated that the current direction aims to list on the parallel market "Nomu", with the goal of enhancing governance, independence, and increasing the company's readiness, noting that any future transition to the main market will be subject to regulatory requirements and approvals.

Al-Oud confirmed that the offering date has not yet been set, explaining that the process will take place after completing the study and regulatory procedures, while there are currently no direct and clear plans to offer other companies within the anticipated offerings of "Spimaco".