Riyadh – Sharikat Mubasher: Jarir Marketing Co., announced signing a non-binding memorandum of understanding (MoU) with Aman Non-Bank Financial Services and Electronic Payments Co. (Aman Egypt) to create a consumer finance company.
The initial capital for the new venture is set at SAR 100 million, according to a statement issued on Tadawul.
The establishment of the company remains subject to obtaining the necessary regulatory approvals.
Under the agreement, Jarir will hold a 49% stake in the proposed finance company, while Aman Egypt will own 41%. The remaining 10% will be held by Hamad bin Abdullah bin Suleiman Al-Manaya & Co., a Saudi closed joint-stock company.
The MoU will remain valid for three months, with the option for extensions. The agreement does not involve any related parties.
Jarir noted that, aside from its contribution to the company’s capital, it is currently unable to determine the financial impact of the partnership. The company assured stakeholders that any significant developments will be announced promptly.
Jarir Marketing Company was established in Riyadh in 1979 as a joint venture company and then became a Saudi joint stock company and was listed in the Saudi Stock Exchange since 2003.
