Today, Sunday, the individual subscription phase of Al-Manajem Food Company began, which will continue for a period of two days, at a price of 60 riyals per share.
According to Arab Net, this price was set after the coverage ratio of the institutional segment exceeded 175 times, and about 1.8 million shares, representing 10% of the total shares offered for public subscription, will be allocated to individual subscribers as a maximum.
The company offered about 18 million shares, representing 30% of its capital.
The company obtained the approval of the Saudi Tadawul to list on the main market on August 17, 2021, while it obtained the approval of the Saudi Capital Market Authority for the offering on September 28, 2021.
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.
