Saudi food group Tanmiah aims to double production over 5 years after share sale

The majority – 85% – of the company’s production is consumed locally, while the rest is exported

  
A foreign worker prepares grilled chickens for lunch at downtown Riyadh, November 27, 2007. REUTERS/Stringer. Image used for illustrative purpose

A foreign worker prepares grilled chickens for lunch at downtown Riyadh, November 27, 2007. REUTERS/Stringer. Image used for illustrative purpose

REUTERS/Stringer
 
RIYADH: Tanmiah Food Company said it plans to use the proceeds of its forthcoming share sale to double production over the coming five years.

The company already double production six times over the past five years and has 17.6 percent share of the Saudi poultry market, spokesman Ahmed Al-Osailan told Al Arabiya. Tanmiyah is the second largest poultry producer in the Kingdom and operates in more than 20 markets worldwide, he said.

The Saudi Arabian Capital Market Authority on Tuesday approved the listing of 30 percent of Tanmiah, representing 6 million shares in the company.

The majority – 85 percent – of the company’s production is consumed locally, while the rest is exported, said Al-Osailan. It aims to expand and enter the global halal food market in the future, he said.

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