KSA Business: Almunajem Foods plans IPO and listing on Tadawul – Gulf Digital News

KSA Business: Almunajem Foods plans IPO and listing on Tadawul – Gulf Digital News

Almunajem Foods, one of the largest food companies in the Kingdom of Saudi Arabia, has announced its intention to proceed with an initial public offering (IPO) and listing of its ordinary shares on the Saudi Stock Exchange (Tadawul).



The offering is expected to comprise a sale of existing shares and result in a free float of 30per cent.



The Capital Market Authority (CMA) has approved the company’s application for the initial public offering of 18 million ordinary shares (representing 30% of the Company’s share capital) on 28 September 2021.



The price at which all subscribers in the offering will purchase shares will be determined at the end of a book-building period, a company statement said.



Thamer Bin Abdulaziz Abanumay, Chief Executive Officer at Almunajem Foods, said: “Almunajem Foods has witnessed tremendous transformation and growth over the last few decades to emerge as one of the largest food companies currently operating in Saudi.”



“We import, market, distribute and produce a wide variety of frozen, chilled and dry foodstuff items. We provide high-quality, nutritious food to millions of kitchens in Saudi Arabia by operating the largest temperature-controlled cold stores of frozen and chilled food.



“We have 12 of these warehouses, where we store up to 250,000 metric tons