Jamjoom Pharma provides SAR 17.7M corporate guarantee to Algeria JV

21/01/2024 Argaam

Jamjoom Pharma provides SAR 17.7M corporate guarantee to Algeria JV

Logo of Jamjoom Pharmaceutical Factory Co.

Jamjoom Pharmaceutical Factory Co.’s board of directors approved on Jan. 18 providing a corporate guarantee to Natixis Algérie to support the issuance of a Shariah-compliant short-term revolving banking facility at a total of DZD 1.3 billion (SAR 36.2 million).

 

The purpose of the banking facility is to fund short-term working capital requirements, the company said in a statement to Tadawul.

 

The corporate guarantee is in accordance with the Algerian law and is in proportion to the company’s shareholding in the joint venture, therefore, Jamjoom Pharma will be guaranteeing DZD 637 million (SAR 17.7 million).

 

Meanwhile, the company noted that its board members, Mahmoud Yousuf Jamjoom, Mohammed Yousuf Jamjoom and Ahmed Yousuf Jamjoom are related parties given that they each holds a board seat at Jamjoom Algeria Lil Dawa SPA.

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