Jamjoom Pharmaceuticals Factory Company announces providing a corporate guarantee to its Joint Venture in Algeria

Jamjoom Pharmaceuticals Factory Company announces providing a corporate guarantee to its Joint Venture in Algeria

Announcement Detail

Jamjoom Pharmaceutical Factory Company (the “Company”) announces its Board of Directors Approval on 18/01/2024 to provide a corporate guarantee to the Bank of NATIXIS Algeria to support the issuance of a Shariah-Compliant short-term revolving banking facility with a total amount of One Billion Three Hundred Million Algerian Dinar (DZD 1,300,000,000) corresponding to approximately Thirty Six Million Two Hundred Thousand Saudi Riyals (SAR 36,200,000) (the “Banking Facility”). The purpose of the Banking Facility is to fund its short-term working capital requirements. The corporate guarantee is in accordance with the Algerian Law and is in proportion to the Company’s shareholding in the Joint Venture, therefore, the Company will be guaranteeing Six Hundred and Thirty Seven Million Algerian Dinar (DZD 637,000,000) corresponding to approximately Seventeen Million Seven Hundred Thousand Saudi Riyals (SAR 17,700,000) It is worth noting that the Company’s 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.

Jamjoom Pharmaceuticals Factory Company announces providing a corporate guarantee to its Joint Venture in Algeria