Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO)(2070.se)’s BoD approved the establishment of a company that specialises in the production of pharmaceutical products and cosmetics with SAR100 million of paid in capital . The new venture will be developed in Al-Qassim 2nd industrial city on c95k sqm of land and at an estimated investment cost of SAR200 million, which SPIMACO plans on financing through internal resources and bank loans, after gaining the required approval. The ownership structure will be 65% for SPIMACO, 20% for Arab Company for Drug Industries and Medical Appliances (acdima),  and 15% for SPIMACO’S 95%-owned subsidiary ,ARAC healthcare company.( Company Disclosure)   SPIMACO: SAR26.33 as of 16 February 2016, Rating: Buy, FV: SAR45.00 per share, MCap: USD843 million, SPIMACO AB / 2070.SE