Jamjoom Pharma’s Board of Directors Approves Issuance of Guarantee for Joint Venture in Algeria

Jamjoom Pharmaceutical Factory Company (the “Company”) announced today, January 21, 2024, its Board of Directors (BOD) Approval on January 18, 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 SAR 36,2 mln (the “Banking Facility”). It’s noteworthy that the purpose of the Banking Facility is to fund its short-term working capital requirements.

In a statement on Tadawul published today, the company said that the corporate guarantee is in accordance with Algerian Law and is in proportion to the Company’s shareholding in the Joint Venture. Therefore, the Company will be guaranteeing DZD 637, corresponding to approximately SAR 17,7 mln.

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 hold a board seat at Jamjoom Algeria Lil Dawa SPA.