Subscription of “Al-Munajj Food” .. Covering institutions 176 times, and the offer price is 60 riyals

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HSBC Saudi Arabia, on behalf of Al Munajem Food Company, announced the successful completion of the order book building process for the categories participating in the company’s shares, and the final offering price of 60 Saudi riyals per share.

HSBC said in a statement on “Tadawul Saudi” today, Thursday, that the percentage of coverage of the offering of institutions and the segment of participating classes amounted to 176 times of the total shares of “Al-Munajm Foods” offered.

The company reported that with the completion of Command record building process Successfully, the retail subscription phase will start on Sunday, December 5, 2021, and will continue until Monday, December 6.

A maximum of 1.8 million ordinary shares, representing 10% of the total shares offered for public subscription, will be allocated to individual subscribers, as the company aims to offer 18 million shares, representing 30% of its capital, in the Saudi stock market.

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 on the offering on September 28, 2021. The company indicated that the final price of the offered shares will be determined after the completion of the book-building period.

Al Munajim Foods 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 before zakat and income tax doubled, 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.





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