RIYADH: Saudi Almunajem Foods Co. appointed HSBC Saudi Arabia as a financial advisor, bookrunner, lead manager, and underwriter for its potential initial public offering of 30 percent of its shares, or 18 million, on Saudi stock exchange Tadawul, it said today in a filing.
Almunajem Foods, which specializes in the import, marketing, and distribution of frozen, chilled, and dried food, announced on November 7 the completion of its expansion of a factory in Jeddah, in response to the growth of demand for meat and poultry in Saudi Arabia.
Almunajem imports more than 250,000 metric ton per year of food from over 60 international well-known food producers, it said.
“We acted quickly and expanded our meat factory in Jeddah. The strong, long-term fundamentals in place in local food consumption are expected to outstrip demand, and our expansion will help fill some of that shortfall.” CEO of Almunajem, Thamer Bin Abdulaziz Abanumay said in a statement on November 7.