Jamjoom Pharma allocates 5.17 mln shares to cornerstone investors

Logo of Jamjoom Pharmaceuticals Factory Co.

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) announced a supplementary prospectus as it agreed to allocate 5.17 million shares out of the 21 million shares on offer in the main market, to cornerstone investors.
 

The company also said some material information must be disclosed under this supplementary prospectus, based on a binding undertaking submitted by the Saudi Economic and Development Holding Company (SEDCO), on May 11, 2023, and Al Faisaliah Group Holding Co. on May 11, 2023, to the company and the selling shareholders.

SEDCO, and Al Faisaliah Group committed to subscribing as cornerstone investors to 3.5 million shares and 1.67 million shares, respectively, of the offer shares. This represents about 4.99% and 2.38%, respectively, of the company's capital after the offering.
 

The company agreed to allocate these shares to SEDCO and Al Faisaliah as the cornerstone investors in the offering process.
 

Accordingly, the offering process consists of 21 million shares, and the participating parties will be following the commitment.
 

- Participating parties include those entitled to participate in the book-building process. The number of shares allocated for this category is 21 million, or 100% of the total offer shares, including 5.17 million shares to be allocated for cornerstone investors. In case of sufficient demand by Individual investors, the lead manager shall have the right to reduce the number of offer shares allocated to Participating Parties to a minimum of 18.9 million, representing 90% of the total offer shares, provided that such clawback shall not apply to the cornerstone investors. The final allocation to the cornerstone investors shall be 5.17 million shares in all cases. Accordingly, 13.73 million shares will be allocated to the participating parties. other than the cornerstone investors.
 

- Individual investors include Saudi legal persons and non-Saudi legal residents in the Kingdom, as well as GCC nationals who have a banking account with the receiving banks and have the right to open investment account with a financial institution. A maximum of 2.1 million shares, or 10% of total offer shares, will be allocated for this category.