Riyadh – Mubasher: GIB Capital, acting as the financial advisor and bookrunner, has announced the launch of an accelerated bookbuild offering to sell the entire stake held by the Arab Company for Drug Industries and Medical Appliances (ACDIMA) in the Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO).
The divestment involves up to 12.58 million shares, representing approximately 10.49% of SPIMACO’s total issued share capital, according to an official statement by GIB Capital.
The offering is directed toward institutional investors within the Kingdom of Saudi Arabia, with the final pricing and allocation expected to be finalized by early next week.
The transaction marks a significant secondary market offering on the Saudi Exchange (Tadawul).
According to the disclosure released on 3 September 2026, ACDIMA the selling shareholder intends to offload its full equity position in SPIMACO through an accelerated bookbuild process.
This mechanism allows for the rapid sale of a large block of shares to institutional buyers, with the price discovery process commencing immediately following the announcement.
GIB Capital, in its dual role as financial advisor and bookrunner, will manage the bookbuilding process to determine the final offer price per share.
Meanwhile, the results of the offering, which will include the definitive number of shares sold and the final execution price, are scheduled to be disclosed to the market by 6 September 2026.
The execution of the sale is slated to take place on the same day, 6 September, through the Negotiated Deals framework.
This procedure is conducted in accordance with the trading and membership rules approved by the Board of the Capital Market Authority (CMA).
Negotiated deals allow for the execution of transactions between a buyer and a seller at a specific price outside the standard bid-and-ask spread of the order book, provided they comply with regulatory requirements.
The selling shareholder has also agreed to a lock-up period. Should ACDIMA retain any residual shares in SPIMACO following the completion of this offering, it will be subject to a 60-day contractual restriction during which it cannot dispose of any remaining equity.
This measure is typically implemented to ensure market stability following a large-scale divestment.
From a corporate finance perspective, SPIMACO has clarified that it will not receive any proceeds from this transaction, as the offering consists entirely of secondary shares being sold by an existing investor.
Furthermore, the sale will not result in any dilution for other existing shareholders, as no new shares are being issued by the company. The transaction represents a transfer of ownership of existing equity rather than a capital increase.
It is worth noting that this accelerated bookbuild represents a major liquidity event for SPIMACO shares, shifting a 10.49% stake from a long-term founding entity to a broader base of institutional investors.
By utilizing the negotiated deals mechanism and the accelerated bookbuild format, the selling shareholder aims to minimize market impact while efficiently reallocating capital.
The completion of this sale will be closely watched by market participants as an indicator of institutional appetite for the Saudi pharmaceutical sector.
