Food Development shares begin trading in the Saudi market next Wednesday

Today, Monday, Tadawul Saudi Arabia announced the listing and trading of the Food Development Company’s shares in the main market starting Wednesday, August 4, 2021, with the code Tadawul 2281 and the international code SA15BH1H3KH5, provided that the daily price fluctuation the limits are +/- 30% with the application of fixed limits For price fluctuation +/- 10%.

Saudi Tadawul stated on its website that these limits will only apply during the first three trading days and, starting on the fourth trading day, the daily price fluctuation limits will be reset to – / + 10% and fluctuation limits fixed price will be abolished.

Saudi Fransi Capital Company, financial advisor, lead manager and manager of the register of institutional subscriptions and underwriter of the Food Development Company’s offering, announced yesterday, Sunday, the end of the public offering of the company’s shares last Tuesday.

The coverage rate of the company’s shares offered to individual subscribers reached 1170.48% and the number of individual subscribers reached 69,598 subscribers who injected approximately 470.53 million riyals, to subscribe the number of 600 thousand shares at the price of 67. Saudi riyals per share.

Saudi Fransi Capital has successfully completed the order book construction process for the segment of institutions that underwrite the company’s shares and the coverage ratio reached 9534% of the total shares offered at the price of 67 riyals per share.

The participating parties subscribed all the shares offered, having been assigned 6 million ordinary shares, which represent 100% of the total shares offered in subscription in first stage.

Food Development has offered 6 million shares, equal to 30% of the capital of the Saudi company.

Interestingly, the Saudi Food Development Company has set the price range for its public offering between 59 and 67 riyals per share, which makes the offer’s target value between 354 million and 402 million riyals.

The company is one of the companies of the Al-Dabbagh Holding group, which was founded about 60 years ago, and is one of the largest and oldest food producing companies in the Kingdom, looking to be a regional leader and enter the halal market globally.

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