Qualified retail investors begin subscription to FADECO's 282,000 shares today

Logo of Arabian Food & Dairy Factories Co. (FADECO)

Qualified retail investors begin today, May 11, subscription to 282,000 shares of Arabian Food & Dairy Factories Company (FADECO), or 20% of its capital, which will be listed on Nomu - Parallel Market between SAR 65 and 71 per share.

The subscription period for retail investors will run for three days until May 15.

FADECO's initial public offering (IPOs) will be the fifth on Nomu this year after floating of Gas Arabian Services on Jan. 23, Raoom Trading Co. on Jan. 30, Al-Jouf Mineral Water Bottling Co. on Feb. 6, and Arabian International Healthcare Holding Co. (Tibbiyah) on Feb. 15.

The Capital Market Authority (CMA) approved, on March 28, the application received from the company to register its shares for listing on Nomu.

Qualified retail investors include the following:

- Natural persons who can open investment accounts inside the Kingdom and accounts at the Securities Depository Center, and who fulfill the following criteria:

1)  To have executed deals in securities markets, with a total value of not less than SAR 40 million, and not less than 10 deals in each quarter during the past 12 months.

2)  Net assets value is not less than SAR 5 million.

3) To be working or has worked for at least 3 years in the financial sector.

4)  To hold a general certificate in securities dealing, approved by CMA.

5) To hold a professional certificate in the field of securities business, approved by an internationally recognized body.

- Any other persons to be determined by CMA.

Company Info:

Arabian Food & Dairy Factories Co. (FADECO) is a Saudi closed joint-stock company headquartered in Dammam. Established in 1985, the company currently operates with SAR 14.1 million capital.

The company's activities are represented in the manufacture of ice cream. FADECO has seven branches.

The company's activities are as follows:

- Trade

- Construction and building

- Agriculture and fishing

- Mines, petroleum and their branches

- Manufacturing industries and their branches according to industrial licenses

- Electricity, gas, water and their branches

- Transportation, warehousing and refrigeration

- Financial services, business and other services

- Social, group and personal services

- Administrative services, support services, and real estate activities

- Information technology

- Safety and security