Markets Saudi poultry producer gets nod to sell 30% stake in IPO By Pramod Kumar October 2, 2024, 4:14 AM Thomson Reuters/Stephane Mahe Saudi company Entaj has an annual bird capacity of 185 million following an expansion project completed in the first quarter of 2024 Arabian Company for Agricultural and Industrial Investment (Entaj), a Riyadh-based poultry producer, has received the green light from the Saudi market regulator to list shares on the main market (Tasi). The company will float 9 million shares through an initial public offering (IPO), representing 30 percent of the total issued share capital. The prospectus detailing information on financial statements, operational activities, risks and management will be published before the start of the subscription period. SNB Capital has been appointed as the IPO’s financial advisor, lead manager, bookrunner and underwriter. Entaj, a subsidiary of Arabian Agricultural Servies Company, reached an annual bird capacity of 185 million following an expansion project completed in the first quarter of 2024, according to the company website. Last month, a Public Investment Fund (PIF) subsidiary purchased a stake in the Ukraine-based poultry producer MHP in a deal worth more than $13.5 million. Saudi Agricultural and Livestock Investment Company (Salic), a unit of the sovereign fund, invested in Brazilian food processor BRF in July to boost food security in the kingdom. Poultry is a key commodity in the country, given the rapid population growth and the relatively high consumption, averaging 43 kg per capita annually. The kingdom’s target is to continue increasing poultry self-sufficiency.