Tanmiah Food Company has listed on the Saudi Stock Exchange following a successful IPO which saw the sale of 30 percent of shares and raised SR402 million ($107.2 million).
The company said in a statement that the transition to a listed company will support the next phase of its growth ambitions.
Ahmed Osilan, spokesperson of Tanmiah Food Company, said: “The exceptionally high demand for our shares shown by both institutional and retail investors is a clear vote of confidence in Tanmiah’s strength in the marketplace, our integrated and efficient business model, the resilience of the markets in which we operate, and our plans for the future.”
Tanmiah has increased its local sales of fresh chicken by 23 percent over the past three years from 66.3 million chickens in 2018 to 81.5 million in 2020.
Established as the second largest producer of fresh chicken in the retail market in Saudi Arabia, Tanmiah said it seeks to grow its fresh chicken business in line with the Saudi government’s food security plans and the national production target of 80 percent of local poultry demand produced domestically within the next five years.
Osilan added: “We believe our business will continue to offer a compelling opportunity to both local and international investors seeking a meaningful growth story and a solid platform for expansion.”
As well as operating 84 farms, six hatcheries, a feed mill and two slaughterhouses, Tanmiah operates three food processing plants and 13 dry and cold storage facilities.
Tanmiah sells its products primarily in Saudi Arabia as well as the UAE, Bahrain, Lebanon, Oman, Jordan and Kuwait. It serves leading supermarkets including Panda, Othaim and Lulu as well as hotels and restaurants including Burger King, McDonalds, Pizza Hut and Subway.
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