Al-Minej Food’s share rose with the start of trading today, Monday, and the Saudi stock market’s trading topped at the beginning of the session by 8.33%, at a price of 65.1 riyals.
According to Arabiya Net, the miner’s stock topped the trading values and volumes by about 125.6 million riyals, with a trading volume of about 1.92 million shares.
While the Saudi stock market index TASI decreased by 0.72% at the level of 11079.99 points, recording the value of trading about 531.96 million riyals.
The listing and trading of the shares of Al-Munajm Food Company began on the main Saudi market, with the trading code 4162 and the international code A15DGU21117.
The daily price fluctuation limits are 30%, up or down, with fixed limits for price fluctuation at 10% in case of ups or downs.
These limits will be applied only during the first three days of listing, and starting from the fourth trading day, the daily price volatility limits will be reset to -/+ 10%, and the fixed price volatility limits will be abolished.
Al-Munajj offered 18 million shares, representing 30% of the company's capital, and allocated 90% of them to participating institutions and 10% to individuals.
HSBC Saudi Arabia had announced the completion of the offering process for the individual category of Al-Munajm Food Company shares, and a minimum of 4 shares were allocated to each individual subscriber included in the subscription application, with a coverage ratio of 11.9 times.
HSBC said in a previous statement, that the number of participants in covering the subscription of individuals recorded 431,302 thousand individuals, and the total value of individual requests is about 1.3 billion riyals.
Al-Munajm Food is one of the largest food companies in the Kingdom of Saudi Arabia, and the company has a unique operating model represented in the import, marketing, distribution and production of a variety of frozen, chilled and dry foods.
During the past year, the company's sales amounted to more than 2.5 billion riyals last year, an increase of 5% on an annual basis, and its profit margin doubled before zakat and income tax, and it achieved profits of 230 million riyals, an increase of 111% over 2019.
In the first half of this year, revenues amounted to 1.243 billion riyals, a slight decrease compared to 1.289 billion riyals in the first half of 2020 due to the decrease in selling prices of some products as a result of the increase in promotions.
