The Saudi Exchange today welcomed the listing of Tanmiah Food Co. (Tanmiah) on its Main Market, as a specialized company in the manufacturing and distribution of food and agricultural products. The listing ceremony was held at the Saudi Exchange’s Media Center and witnessed the attendance of Mr. Mohammed Al Rumaih, CEO of Saudi Exchange, and Mr. Jamal Al-Dabbagh Vice Chairman of Tanmiah Food Company.
Commenting on the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange, said: “We are delighted to welcome Tanmiah as an issuer on the Saudi Exchange’s Main Market, further diversifying the Exchange’s issuer community. Tanmiah is a flagship brand in Saudi Arabia, which continues to support national efforts to improve food security and the agricultural sector, as part of the Kingdom’s Vision 2030. We look forward to the future successes and milestones achieved by this listing, as Tanmiah enters its next stage of growth.”
Tanmiah issued 6,000,000 shares at an offering price of SAR 67 per share, representing 30% of the company’s issued share capital. The retail subscription ended on 27 July 2021, with retail investors subscribed to 600,000 shares, and institutional investors subscribed to 5,400,000 shares.
In alignment with the Financial Sector Development Program (FSDP), Saudi Exchange is working in conjunction with the Capital Market Authority to continuously improve procedures and simplify the requirements for companies seeking to list on its markets. This builds on Saudi Exchange’s reputation as an increasingly attractive environment for both local and foreign investors.
Tanmiah is an integrated provider of fresh and processed poultry as well as other meat and agricultural products. The company has been operating since 1976 and currently operates 84 farms, six hatcheries, a feed mill, two slaughterhouses, three food processing plants, and 13 dry and cold storage facilities located in Saudi Arabia, Bahrain, and the UAE. Its footprint spans Saudi Arabia, and the wider GCC and MENA region.
