Riyadh – Mubasher: The board of Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) agreed to provide a corporate guarantee to support the issuance of a credit facility for its joint venture (JV) in Algeria, Jamjoom Algeria Lil Dawa SPA.

A corporate guarantee has been issued to Société Générale Algérie SPA to support the issuance of a medium-term loan worth DZD 1.60 billion (SAR 44.40 million)to Jamjoom Algeria, according to a bourse disclosure.

The facility will be used to finance the addition of a special production line for Ophthalmology products to enable the existing facility in Algeria to boost the company’s strategic objectives.

This corporate guarantee aligns with Saudi Law and is in proportion to the company’s shareholding in the JV. Hence, Jamjoom Pharma will be guaranteeing DZD 784 million (SAR 21.75 million).

It is worth highlighting that the listed company holds a 49% stake in Jamjoom Algeria’s share capital.

In the first quarter (Q1) of 2024, Jamjoom Pharma logged net profits valued at SAR 102.96 million, an annual rise of 22% from SAR 84.40 million.