Fadeco a Saudi Ice cream maker debuts on stock market

A bourse statement showed that Saudi ice cream manufacturer Arabian Food & Dairy Factories Co., known as Fadeco, will start trading its shares on the Kingdom’s stock market.

The Dammam-based company’s initial public offering price had earlier been set at the top end of an indicative range of SR71 ($19), following strong interest from investors.

It raised SR20 million from its IPO of 282,000 shares – representing 20 percent of capital.

Established in 1979, Fadeco is specialized in food manufacturing and is most known for its wide range of ice cream products.

Source: Arab News