Al-Watania Poultry hires HSBC to manage IPO

Al Watania Poultry, one of the largest poultry producers in the Middle East, has appointed HSBC Saudi Arabia as financial adviser for its planned initial public offering (IPO) in the local market, Reuters said, citing unnamed sources.

In April, the poultry producer reportedly began inviting banks to manage its Saudi listing. A decision was expected by the end of May, but was delayed on Eid and summer holidays.

The Qassim-based company produces one million eggs and 575,000 chickens per day. Production is sold locally and across the Gulf region.

Foreign investors are aiming to invest in the kingdom’s fast-growing food sector.

Production by local poultry firms is only expected to meet around 46 percent of the kingdom's demand this year, despite attempts to increase their production in recent years, a study by the United States’ Department of Agriculture showed.