Saudi Pharmaceutical Industries and Medical Appliances Corporation ( SPIMACO) (2070.SE) Board of Directors has agreed on calling for an Extra-ordinary General Meeting (EGM), to propose the transfer of SAR220 million from the company’s general reserve to a provision that will be amortised against the losses incurred in SPIACO’s 4.17%-owned subsidiary, Arabia Industrial Fibers Company (Ibn Rushd). SPIMACO has reduced the value of its investment in Ibn Rushd by 33% in 4Q2015 incurring losses of SAR118.5 million. Now the total amortised investment losses comprises around 95% of the investment in Ibn Rushd. (Company disclosure)