Jarir signs a memorandum of understanding to establish a consumer finance company

Today, Jarir Marketing Company signed a non-binding memorandum of understanding with Aman Company for Non-Banking Financial Services and Electronic Payments, an Egyptian joint stock company (Aman Misr Company), to establish a consumer finance company.
The company said in a statement on the Saudi Tadawul: The company’s initial capital is 100 million riyals, after obtaining the necessary regulatory licenses.
She added that the company’s share will be 49%, 41% for Aman Misr, and the share of Hamad bin Abdullah bin Sulaiman Al-Manea and Partners (a closed Saudi joint stock company) is 10%.
It stated that the duration of the memorandum is 3 months, subject to extension.
She explained that, except for the contribution to the capital of the financing company, it is currently impossible to determine the financial impact.