Jamjoom Pharmaceuticals Factory Co. Announces providing a corporate guarantee to its Joint Venture in Algeria

To support the issuance of these facilities, the Company has provided two corporate guarantees in accordance with Algerian Law and in proportion to the Company’s shareholding in the JV, amounting to a total amount of one billion eight hundred eighty‑six million five hundred thousand Algerian Dinars (DZD 1,886,500,000), equivalent to approximately fifty‑four million two hundred thirty‑nine thousand Saudi Riyals (SAR 54,239,000), which will replace the Company’s previous corporate guarantees which amounted to two billion three hundred fifty‑four million nine hundred forty thousand Algerian Dinars (DZD 2,354,940,000), equivalent to approximately sixty‑seven million seven hundred seven thousand Saudi Riyals (SAR 67,707,000).

The banking facilities obtained by the JV are primarily intended to renew or replace existing facilities previously utilised to fund working capital requirements and the Ophta project in Algeria.

It should be noted that Jamjoom Algeria is a related party in which the Chairman of the Board Mr. Mahmoud Youssef Jamjoom, the Vice Chairman Mr. Ahmed Youssef Jamjoom, and the Board members Mr. Mohammed Youssef Jamjoom, Mr. Waleed Youssef Jamjoom, and Ms. Alaa Youssef Jamjoom have an indirect interest.