"Production" shares rise to the maximum with the beginning of its circulation on the Saudi Stock Exchange

The share of the “Arab company for Agricultural and Industrial Investment” (production) has risen by the maximum of 30% in the first sessions it traded in the stock market today, and has formed a successful start for the fourth listing on the Saudi Stock Exchange since the beginning of the year. The share rose to 65 Riyals, which far exceeded the first public offering price of 50 Riyals, which formed the maximum price of the price. ‘Production’ raised 450 million rows of 30% of its shares, while the proposal was seen that a claim exceeded the offer, either from individual investors or institutions. “Production”, which works mainly in the poultry market in the kingdom with a market share of 7.6%, the market value is about 1.5 billion Riyal (equivalent to approximately $ 400 million) based on the offering price. According to Raja Al -Harbi, CEO of the company, it is aimed at producing its market value to become one of the three largest businesses in the nutritional sector in the kingdom. Al -Harbi said the company intends to expand in the wave, and prepares to enter the Kuwait and Bahrain market through fresh poultry products, as it studies a few other golf markets and the frozen poultry region, indicating that 90% of the company’s turnover comes from fresh poultry and about 10% of the Frozen. The circulation of “production” comes at a time when the food sector in Saudi Arabia receives a group of economic reform efforts, led by the Crown Prince Mohammed Bin Salman. The efforts to secure food supplies became more important after the Kofid-19 pandemic, and the war in Ukraine to disrupt supply chains, and pay prices to record levels. The Kingdom granted $ 4.5 billion to bring about self -sufficiency in poultry within the “Saudi vision 2030”. Saudi Arabia activates Saudi proposals. The most active market for the Middle East has been in terms of inventory proposals in the past year in the light of the Kingdom’s effort, such as the rest of the wave states, to diversify its financial market dominated by banks and industrial enterprises. 15 Companies included their shares in the main market during 2024, which is the largest number since 2022, according to the group “Tadawal Saudi Arabia” operating the stock exchange. According to Bloomberg, food and beverage companies have the lead in descriptions, followed by commercial, professional and healthcare companies.