DUBAI - Saudi Fransi Capital has started a book building process in preparation for Tanmiah Food Co's initial public offering, setting a price range of 59 riyals ($15.73) to 67 riyals ($17.87) per share, the investment banking group said in a statement on Sunday.

Saudi Fransi is acting as financial advisor, lead manager, bookrunner and underwriter in Tanmiah Food Company’s plan to offer 30 percent of its shares, approved earlier this month by the Saudi Capital Market Authority.

($1 = 3.7501 riyals)

(Reporting by Maher Chmaytelli, editing by Ahmad Elhamy) ((maher.chmaytelli@thomsonreuters.com;))