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Jamjoom Pharmaceuticals Factory Company announces providing a corporate guarantee to its joint venture in Algeria
| Element List | Explanation |
|---|---|
| Announcement Detail | Jamjoom Pharmaceuticals Factory Company (the “Company”) announces its Board of Directors’ approval on 7 July 2024 to provide a corporate guarantee to support the issuance of a credit facility for its joint venture in Algeria, Jamjoom Algeria Lil Dawa SPA (where the Company effectively owns 49% of the share capital) (“Jamjoom Algeria”), with the following details: A corporate guarantee has been issued to Société Générale Algérie SPA to support the issuance of a credit facility (medium-term loan) to Jamjoom Algeria with a total amount of One Billion Six Million Algerian Dinar (DZD 1,600,000,000) corresponding to about Forty-Four Million Four Hundred Thousand Saudi Riyals only (SAR 44,400,000). The purpose of this facility is to finance the addition of a special production line for Ophthalmology products to enable the existing facility in Algeria to produce Ophthalmology products (the “Project”) in line with the strategic direction of the Company. This corporate guarantee is in accordance with the Saudi Law and is in proportion to the Company’s shareholding in the Joint Venture, therefore, the Company will be guaranteeing Seven Hundred and Eighty-Four Million Algerian Dinar (DZD 784,000,000) corresponding to about Twenty-One Million Seven hundred and Fifty Thousand Saudi Riyals only (SAR 21,750,000). The Company will keep its shareholders informed of further developments in this regard. Jamjoom Algeria is considered as a related party on the basis that the Company’s board members; Mahmoud Yousuf Jamjoom and Ahmed Yousuf Jamjoom each hold a board seat at Jamjoom Algeria and the Company own’s 49% of its capital. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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