Amid a rush of initial public offerings, another Saudi family business is set to capitalize on soaring demand for stocks in the kingdom.
Riyadh-based Almunajem Foods Co. on Thursday became the latest family-owned firm to say it will test the equity markets. It appointed HSBC Holdings Plc as adviser to manage its IPO of a 30% stake, representing 18 million shares.
Now one of Saudi Arabia’s largest private food companies, Almunajem traces its roots to the early 1950s, when the group’s founder, Abdullah Ali Almunajem, set off for Riyadh from the Al-Qassim region. He built up his fruit and vegetable business by buying from Syria and Lebanon, putting the company on the path to relying on imports that it’s now expanding away from.
Almunajem is working to grow its domestic production, Chief Executive Officer Thamer Abanumay said in an interview.
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