DUBAI - Saudi Arabia's Almunajem Foods on Thursday announced its intention to go public followed by a stock market listing.

Riyadh-based Almunajem – which imports, markets distributes and produces frozen, chilled and dry foods – is one of the largest food companies in the kingdom.

Almunajem's initial public offering will involve a sell-down of 18 million existing shares amounting to a float of 30% of the company, it said in a statement.

Almunajem said 2020 was good for the company, with net profit up 111% to 230 million Saudi riyals ($61.32 million), from the previous year. The gains were largely attributed to a jump in average retail consumer spending in the wake of the COVID-19 pandemic.

HSBC Saudi Arabia is acting as a financial advisor, bookrunner and underwriter on the deal.

 

($1 = 3.7505 riyals)

(Reporting by Hadeel Al Sayegh; Editing by Shailesh Kuber) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))