SPIMACO Board of Directors (BoD) approved at its meeting held on 20 January 2016 decreasing the value of its investment in Arabian Industrial Fibers Company (Ibn Rushd) by 33% and record an impairment loss of SAR118.5 million in 4Q2015. SPIMACO owns 4.17% in the company, an investment worth SAR355 million. SPIMACO will continue to review the fair value of its investment in Ibn Rushd going forward; hence, we expect SPIMACO to incur loss in 4Q2015. We expect recurring earnings of SAR97 million for the quarter. (Company disclosure, Tarek El-Shawarby)   SPIMACO: SAR22.99 as of 20 January 2016, Rating: Buy, FV: SAR45.00 per share, MCap: USD736 million, SPIMACO AB / 2070.SE