Another Saudi family empire steps into glare of public markets

Amid a rush of initial public offerings, another Saudi family business is set to capitalize on soaring demand for stocks in the kingdom.

A logo sits on a bank branch of HSBC Holdings in London on Feb. 18, 2019. Foto: Bloomberg photo by Jason Alden.

Riyadh-based Almunajem Foods Co. on Thursday became the latest family-owned firm to say it will test the equity markets. It appointed HSBC Holdings as adviser to manage its IPO of a 30% stake, representing 18 million shares.

Now one of Saudi Arabia's largest private food companies, Almunajem traces its roots to the early 1950s, when the group's founder, Abdullah Ali Almunajem, set off for Riyadh from the Al-Qassim region. He built up his fruit and vegetable business by buying from Syria and Lebanon, putting the company on the path to relying on imports that it's now expanding away from...

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