Data News > Jarir Marketing Company and Aman Egypt to Establish SAR 100m Finance Company
Jarir Marketing Company and Aman Egypt to Establish SAR 100m Finance Company
By KlickAnalytics Data Insights | December 31, 2024 11:05AM ET
- Jarir Marketing Company signed a non-binding MoU with Aman Egypt to establish a consumer finance company with an initial capital of SAR 100 million.
- Aman Egypt will hold a 49% stake in the joint venture's shares once regulatory licenses are obtained, while a Saudi joint stock closed firm will own the remaining 10% equity.
- The agreement has a tenor of three months, extendable if needed.
Riyadh – Jarir Marketing Company, also known as Jarir Bookstores, has inked a non-binding memorandum of understanding (MoU) with Aman Non-Bank Financial Services and Electronic Payments Company Egyptian Joint Stock Company (Aman Egypt) on 31 December 2024. The purpose of the MoU is to establish a consumer finance company with an initial capital of SAR 100 million. Once the necessary regulatory licenses are obtained, Aman Egypt will acquire a 49% stake in the joint venture's shares, while Hamad Bin Abdullah bin Sulaiman Al Manea and Partners Trading Company, a Saudi joint stock closed firm, will hold the remaining 10% equity. Jarir highlighted that the agreement holds a tenor of three months, which can be extended as needed.
Jarir Marketing Company has reported net profits worth SAR 698.60 million in the first nine months of 2024, compared to SAR 699.90 million recorded in the same period in 2023. This strategic partnership with Aman Egypt is expected to enhance Jarir's presence in the consumer finance sector and drive further growth for the company.
Source: Mubasher
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- Aman Egypt will hold a 49% stake in the joint venture's shares once regulatory licenses are obtained, while a Saudi joint stock closed firm will own the remaining 10% equity.
- The agreement has a tenor of three months, extendable if needed.
Riyadh – Jarir Marketing Company, also known as Jarir Bookstores, has inked a non-binding memorandum of understanding (MoU) with Aman Non-Bank Financial Services and Electronic Payments Company Egyptian Joint Stock Company (Aman Egypt) on 31 December 2024. The purpose of the MoU is to establish a consumer finance company with an initial capital of SAR 100 million. Once the necessary regulatory licenses are obtained, Aman Egypt will acquire a 49% stake in the joint venture's shares, while Hamad Bin Abdullah bin Sulaiman Al Manea and Partners Trading Company, a Saudi joint stock closed firm, will hold the remaining 10% equity. Jarir highlighted that the agreement holds a tenor of three months, which can be extended as needed.
Jarir Marketing Company has reported net profits worth SAR 698.60 million in the first nine months of 2024, compared to SAR 699.90 million recorded in the same period in 2023. This strategic partnership with Aman Egypt is expected to enhance Jarir's presence in the consumer finance sector and drive further growth for the company.
Source: Mubasher
If you want to read more exclusive news stories like this one, subscribe to Mubasher now or wait a few hours to read this article for free. Remember, before it's here, it's on Decypha.
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