SEDCO Holding is pleased to announce that Jamjoom Pharma, a leading Saudi pharmaceutical company, started trading on the Saudi Exchange (Tadawul) on June 20, under the symbol 4015 after a successful IPO. SEDCO Holding is a cornerstone investor having subscribed to 3.49 million shares, representing about 4.99% of the company’s share capital – making it the single largest institutional investor.
SEDCO Holding made an investment of around SAR 210 million in Jamjoom Pharma by acquiring 3.49 million shares at an offer price of SAR 60 per share during the IPO. This investment aligns with SEDCO Holding’s commitment to Saudi Vision 2030 by supporting the growth of the healthcare sector.
Saudi Vision 2030 aims to transform Saudi Arabia into a pioneering and global hub for the life sciences industry. SEDCO Holding’s investment is a long-term investment in Jamjoom Pharma which targets to accelerate its ambitious plans, including expanding its manufacturing facility, developing innovative new medicines, and strengthening its sales and marketing operations. This will help in achieving Vision 2030’s goals for the Saudi healthcare sector.
Jamjoom Pharma institutional subscription was 67.2x covered (88.8x when excluding shares allocated to cornerstone investors) and retail offering was 11x covered, with a minimum of four shares allocated per retail subscriber. This substantial investment demonstrates SEDCO Holding’s strong confidence in Jamjoom Pharma’s continued growth and success.
As a long-term ethical investor, SEDCO Holding is dedicated to supporting its investments achieve their full potential through effective corporate governance and knowledge in key sectors. SEDCO Holding has a proven track record in major healthcare investments including Nahdi Medical Company, the largest pharmacy chain in Saudi Arabia; and Dar Al-Fouad Hospital, a chain of private hospitals in Egypt.
SEDCO Holding substantial investments in the healthcare sector are a strategic move to invest in industries that are essential to sustainable prosperity in Saudi Arabia. As the Saudi healthcare sector continues its strong growth trajectory, SEDCO Holding is optimally positioned to benefit through its investee companies.
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