Lockup period for Almunajem Foods major shareholder ends today

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The lockup period imposed on Abdullah Ali Almunajem Sons Co.’s shares in Almunajem Foods Co. was lifted today, June 19, six months after the stock began trading on the Saudi Exchange (Tadawul) on Dec. 20, 2021.

The founding shareholder - Abdullah Ali Almunajem Sons Co. - which owns 41.58 million shares in Almunajem Foods, or 69.3% of its capital, was not allowed to dispose of its shares for a period of six months after listing.

The shareholder can now sell its shares without obtaining the approval of the Capital Market Authority (CMA).

Almunajem floated 18 million shares, or 30% of its share capital, amounting to SAR 600 million, at SAR 60 per share, according to data compiled by Argaam.