Jamjoom Pharmaceutical Factory said its Algerian joint venture, Jamjoom Algeria Lil Dawa, has obtained SAR 110.7 million ($29.5 million) in short-term loan and letter of credit facilities from Societe Generale Algeria and Al Baraka Bank Algeria.

The facilities will primarily be used to refinance existing borrowings and support working capital as well as the JV’s Ophta project in Algeria. The project company is considered a related party, with several board members of Jamjoom Pharma holding indirect interests. 

The Saudi-listed company, which owns 49% of the JV, said it provided corporate guarantees worth SAR 54.2 million ($14.5 million) in line with its stake, replacing earlier guarantees of SAR 67.7 million ($18.1 million).

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com