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IPO of 7,500,000 equity shares of Saudi Marketing Company(FARM Superstores)  Join our daily free Newsletter

MENAFN Press - 26/12/2013

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(MENAFN Press) The Saudi Capital Market Authority on Tuesday, December 24, 2013, approved the initial public offering (IPO) of 7,500,000 equity shares of Saudi Marketing Company (FARM Superstores) representing 30% of FARM Superstores outstanding shares. FALCOM Financial Services is the Financial Advisor, Lead Manager, and Underwriter to FARM Superstores IPO.

FARM Superstores, headquartered in Dammam, is one of the leading retailers of food and consumer products in the Kingdom. Since its inception in 1978, FARM Superstores has grown to 45 superstores, 20 minimarkets, 3 wholesale outlets, and 7 family entertainment centers "Adventure World" outlets spread across the Kingdom.

Besides, the company is a franchisee of some of the leading brands like Cinnzeo (Canada). FARM Superstores also owns a mall (50,000 square meters) in Beirut, Lebanon, and operates one of the largest retail stores (FARM Superstore) in Lebanon.

Engr. Hazem Al Aswad, Chairman of the Board of Directors of FARM Superstores, thanked the CMA for its speedy review and approval of the IPO file. He stressed that his 35 year old company is one of the leading retail companies in the Kingdom.

He also stated that all of this was achievable only because of his growing list of loyal customers across the Kingdom, and his top-notch management's dedication in delivering high-quality products and customer service. Engr. Aswad stressed that the IPO will provide FARM Superstores with the impetus for further expansion and growth.

Mr. Adeeb Abdulrahman Al Sowailem, CEO of FALCOM Financial Services, thanked the Capital Market Authority for its decision, and complemented the CMA for the quick approval of FARM Superstores file, which is a record of its kind in KSA

. He stressed that the inclusion of FARM Superstores to the Saudi equity market demonstrates the competitiveness and strengths of FARM Superstores.

The book-building process, during which institutional investors such as mutual funds and authorized persons will participate to determine the offering price, is scheduled to commence on Wednesday, January 8, 2014, and will close on Wednesday, January 15, 2014.

The book-building process will determine the offering price that will be announced in the prospectus to be published in due course.

Retail subscription, during which individual investors can subscribe to FARM Superstores IPO, will follow the book-building process and is slated to commence on Wednesday, January 22, 2014 (21/3/1435H), and close on Tuesday, January 28, 2014 (27/3/1435H ).

About FARM Superstores
FARM Superstores


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