The Saudi Dairy and Foodstuff Company (SADAFCO) will start offering 30 percent of its existing shares to Saudi investors at SR260 per share from April 25, the company announced yesterday. Of the 1.95 million shares out of its total 6.5 million existing shares, 10 percent or 195,000 shares have been offered to institutional investors and 90 percent or 1,755,000 shares to individuals. "The initial public offering (IPO) of SADAFCO shares provides an opportunity for Saudi investors to share in the success of a company that has a solid track record of growth year after year," SADAFCO Managing Director Ahmed Mohammed Hamid Al-Marzouki told a press conference here yesterday. The National Commercial Bank (NCB), the lead manager, will underwrite the transaction. The NCB also acts as financial adviser. The subscription offer will remain open for 10 days until May 4. Share allocations will be announced on May 8.
