{"id":82336,"date":"2023-11-27T00:00:00","date_gmt":"2023-11-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/27\/jamjoom-lines-up-sar-37-8-mn-in-financing-for-its-jv-in-algeria\/"},"modified":"2023-11-27T00:00:00","modified_gmt":"2023-11-27T00:00:00","slug":"jamjoom-lines-up-sar-37-8-mn-in-financing-for-its-jv-in-algeria","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/27\/jamjoom-lines-up-sar-37-8-mn-in-financing-for-its-jv-in-algeria\/","title":{"rendered":"Jamjoom lines up SAR 37.8 mn in financing for its JV in Algeria"},"content":{"rendered":"

Generic drugmaker <\/strong>Jamjoom Pharma lines up SAR 37.8 mn in fresh funds for its JV in <\/strong>Algeria:<\/strong>Jamjoom<\/a> \u2019s board of directors has signed off on a capital increase at its Algerian subsidiary that will allow the unit to obtain a DZD 666.4 mn (SAR 37.8 mn) shariah-compliant revolving credit facility from Al Salam Bank-Algeria<\/a>, according to a company disclosure<\/a> to Tadawul on Wednesday.<\/p>\n

The background: <\/strong>Under Algerian law, Jamjoom has to provide a guarantee to Al Salam proportional to its shareholding in the JV. The capital increase will see Jamjoom on the hook for the equivalent of SAR 18.5 mn. <\/p>\n

Use of funds: <\/strong>The JV is looking to build or buy a manufacturing facility, build up inventory, and pay day-to-day operating expenses. Jamjoom hasn\u2019t said when it hopes the plant will become operational.<\/p>\n

REMEMBER- Jamjoom hit a home run this year: <\/strong>The leading drugmaker pulled off<\/a> the largest IPO on Tadawul since Aramco\u2019s listing, rising by the maximum allowed in its trading debut last June. The owners raised SAR 1.26 bn with company shares valued at SAR 60 apiece. <\/p>\n","protected":false},"excerpt":{"rendered":"

Funds will be used to set up a manufacturing plant, fund day-to-day ops<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4373],"tags":[4281,2441,57,10,2784,2720,2636],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82336","post","type-post","status-publish","format-standard","hentry","category-pharma","tag-algeria","tag-debt","tag-debt-watch","tag-enterpriseam-ksa","tag-jamjoom","tag-ma","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"31dd19d2-6b33-45c6-8df3-00739b904cfe","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Generic drugmaker Jamjoom secures SAR 37.8 in financing for its JV in Algeria","related_issue":[82325],"teaser":"Funds will be used to set up a manufacturing plant, fund day-to-day ops","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.f8583c83-c513-407a-9af5-96d7c872bf87.mp3"},"yoast_head":"\nJamjoom lines up SAR 37.8 mn in financing for its JV in Algeria - 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