Almunajem Foods listing and commencement of trading on Saudi Exchange

Almunajem Foods (“Almunajem” or “Company”), one of the largest food companies in the Kingdom of Saudi Arabia, on Sunday listed its shares on the Main Market of the Saudi Stock Exchange following the successful completion of its Initial Public Offering of shares (“IPO” or the “Offering”). The Company is now trading under the ticker symbol: 4162.

The shares of Almunajem were priced at SR 60 per share, at the top of the Company’s initial price range, implying a market capitalization at listing of SR 3,600,000,000 (USD 960,000,000).

The Company floated 18,000,000 existing ordinary shares, representing 30% of its issued share capital. Final allocations were 90% to institutional investors entitled to participate in the book-building and 10% to individual investors in Saudi Arabia.

The total Offering was approximately 176 times oversubscribed by the institutional investors and 11.9 times by the individual investors, with total funds exceeding SR 192 billion.

Eng. Thamer Bin Abdulaziz Abanumay, Chief Executive Officer at Almunajem Foods, said ”Today marks the first day of trading for Almunajem Foods and the interest shown in us by the institutional investors and the general public is incredible to see.

We look forward to executing on our growth strategy and expansion plans, in our pursuit of providing ever wider variety of high-quality, nutritious food products to millions of kitchens across Saudi Arabia as well as delivering continuous value to our shareholders.”

With respect to the Offering, the Company appointed HSBC Saudi Arabia as Financial Advisor, Bookrunner, Lead Manager and Underwriter.