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Jamjoom Pharmaceuticals Factory Co. Announces providing a corporate guarantee to its Joint Venture in Algeria
| Element List | Explanation |
|---|---|
| Announcement Detail | Jamjoom Pharmaceutical Factory Company (the “Company”) announces the signing of a Shariah-Compliant short-term revolving banking facility (the “Facility”) by its joint venture in Algeria, Jamjoom Algeria Lil Dawa SPA (where the Company effectively owns 49% of the share capital) (“Jamjoom Algeria”) with Al Baraka Bank (the “Bank”) on 12/05/2025 with a total value of one billion two hundred and six million Algerian Dinars (1,206,000,000 DZD) corresponding to approximately thirty four million Saudi Riyals (SAR 34,000,000). To support the issuance of this facility, the Company has provided a corporate guarantee to the Bank in accordance with Algerian Law and in proportion to the Company’s shareholding in the Joint Venture, therefore, the Company will be guaranteeing five hundred and ninety million nine hundred and forty thousand Algerian Dinar (DZD 590,940,000) corresponding to approximately sixteen million six hundred and fifty thousand Saudi Riyals (SAR 16,650,000).
The purpose of the Banking Facility is to fund Jamjoom Algeria’s short-term working capital requirements. It should be noted that Jamjoom Algeria is a related party, as the company's board members, Mahmoud Yousuf Jamjoom, and Ahmed Yousuf Jamjoom, have a direct interest due to their membership on the board of Jamjoom Algeria. Meanwhile, the members Yousuf Mohammed Salah Jamjoom, Mohammed Yousuf Jamjoom, and Alaa Yousuf Jamjoom have an indirect interest. |
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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