The Arabian Company for Agricultural and Industrial Investment (Entaj) has obtained regulatory approval for an initial public offering (IPO) on the main market of the Saudi Exchange.
The company plans to offer nine million shares, representing 30% of Entaj’s total issued share capital.
“We are delighted to receive the approval from the CMA to proceed with our initial public offering,” said Raja Alharbi, CEO of Entaj. “This milestone marks an important step in Entaj’s journey toward expanding our presence in the Saudi Arabian market and beyond.
“As one the leading players in the poultry and food production sector, this IPO will allow us to further invest in innovation, increase our production capabilities, and enhance our distribution networks to meet growing consumer demand.”
Entaj was established 2004 as the brand of ARASCO Foods and is one of the most prominent poultry producers in the Kingdom of Saudi Arabia.
The company has not yet announced the date of its listing, although the approval from the Capital Markets Authority is valid for the next six months.
