Almunajem Foods gets CMA nod to float 30% stake in IPO

Almunajem Foods Co.’s headquarters

Saudi Arabia’s Capital Market Authority (CMA) approved Almunajem Foods Co.’s request to sell 18 million shares, representing 30% of its capital, in an initial public offering (IPO).

The company's prospectus will be published within a sufficient time prior to the start of the subscription period, the market regulator said in a statement.

The approval is valid for six months from the CMA’s board resolution date. The approval will be deemed cancelled if the offering and listing of the company's shares are not completed within this period, it added.

Almunajem Foods was established in 1950 by Abdullah Al Ali Al Munajem. It specializes in importing, marketing and distributing frozen, chilled and dried foodstuffs.

The company supplies more than 22,000 customer outlets, including retail, food services, and wholesale channels. It operates 13 branches, 12 of which are equipped with a temperature-controlled warehouse. Almunajem Foods works with over 60 suppliers, according to data published on the company's website.

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