Food Resources Development names Kasb as IPO advisor

Food Resources Development Co. (FRD) has hired Kasb Group as financial advisor for its planned initial public offering (IPO) on the Nomu Parallel Market, the company said in a statement.

FRD is in process of getting the Capital Market Authority’s (CMA) approval and finalizing the regulatory procedures required for the listing.

Shares will be only offered to qualified investors. 

FRD, which was established in 2004, is engaged in managing, operating and equipping restaurants. It is the operator of Al-Karkand and Naranj Restaurants, as well as the Shayzar Palace Restaurant & Café.

The company also owns a 9,600 square-meter plant for food products, frozen foods and confectionery.