Riyadh – The board of Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) agreed to provide a corporate guarantee to Al Salam Bank Algeria to back the issuance of a Shariah-compliant short-term revolving banking facility.

The financing amounts to DZD 1.36 billion (SAR 37.80 million), according to a bourse statement.

The banking facility aims to finance the remaining payment of the acquisition of the pharmaceutical manufacturing facility and fund its short-term working capital requirements.

The corporate guarantee aligns with the Algerian Law and comes in accordance with the company’s shareholding in the JV.

In this regard, the firm will be guaranteeing DZD 666.40 million(SAR 18.50 million).

In the first nine months (9M) of 2023, Jamjoom Pharma recorded 77.58% higher net profits after Zakat and tax at SAR 247.90 million, compared to SAR 139.60 million in 9M-22.

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