Leading Saudi food producer to go public
Almarai Company Ltd., a leading Saudi food producer with 40 percent market share in the Gulf for dairy products, will go public by the end of this year.
This was announced by Prince Sultan ibn Mohammed ibn Saud Al-Kabir, Almarai’s chairman and founder of the company, who said the Initial Public Offering (IPO) would enable Saudi citizens to share in the company’s prosperity and participate in its future plans.
Prince Sultan Al-Kabir said that Almarai is the largest integrated food company in the Middle East producing a wide range of dairy, juice, cheese and other food products. He said this achievement translates into a 40 percent market share in the fresh dairy markets in the GCC. With a work force of 4,000 employees and 45,000 head of cattle, it produces 1.6 million liters of fresh milk daily distributed in the Gulf region. Almarai has 500 refrigerators, 28 storage facilities and 30 distribution centers in the Gulf. (menareport.com)
© 2004 Mena Report (www.menareport.com)