Raydan to file for transition to main market, says CEO

Raydan Cuisines and Restaurants Co. (Raydan Restaurants) is set to request the Capital Market Authority's (CMA) approval to transition from the parallel market to the main market, CNBC Arabia has reported, citing chief executive officer, Fawzan Al Harthy

"The company is eying for acquisitions of peer companies or sealing franchise deals; which is better if compared to a self-expansion model," added Al Harthy.

The Jeddah-based catering company signed six franchise deals in 2019 including five in Saudi Arabia and one abroad.

It is currently building a new full-fledged food industries plant at a total cost exceeding SAR 50 million to cater for the company's branches locally and abroad.

"Expenses sometimes went out of control, driven by lower sales; we are planning to convert some of the company's facilities into cost-efficient centers," stated Al Harthy.

The company's board of directors approved yesterday the transition from the Nomu Parallel Market to the Main Market, Argaam previously reported.

Raydan, which is a unit of Al-Salami Group, specializes in setting up and managing restaurants, in addition to operating a number of factories.