Jarir signs MoU with Aman Egypt to launch consumer finance firm

Jarir Marketing Co. signed a non-binding memorandum of understanding (MoU) with Aman Non-Bank Financial Services and Electronic Payments Co. (Aman Egypt) to establish a consumer finance company, with an initial capital of SAR 100 million, according to a statement to Tadawul.

The establishment of the new firm is pending obtaining the necessary regulatory licenses.

Jarir will own 49% of the financial company, while Aman Egypt will hold a 41% stake. Hamad bin Abdullah bin Suleiman Al-Manaya & Co., a Saudi closed joint stock company, will own the remaining 10%.

The MoU will be valid for three extendable months. There are no related parties.

Apart from the contribution to the capital of the finance company, Jarir said it is currently not possible to determine the financial impact.

Any material developments will be duly announced, the statement said.