Arab Finance: Rakha Agricultural Investment and Development Company of the Saudi Fall Group plans to launch a stake of 30% of its shares on the Egyptian Stock Exchange during the second half of this year, according to what the managing director of the company Abdullah Al -Kharf said in an interview with Zina Soufan with its program “Week End Cairo”.
And the company of prosperity began its operations in Egypt 20 years ago, and currently owns 24 thousand acres in the eastern Al -Owainat region, of which 10 thousand acres are grown with wheat, potatoes, sugar beets, etc., and the company achieves annual revenues exceeding 500 million pounds, with a growth rate ranging between 8% and 12% annually.
The outcome of the initial public offering will not be devoted to buying new lands, but it will support a vertical integration strategy that includes a seed purification plant, a factory for onion drying, a dates manufacturer, and a project to fatten calves – which gives a boost to Egypt's broader plans to localize food production and increase value -added exports.
The structure of the ownership of a prosperity company is distributed among 6 Saudi companies that include Tabuk for Development and Agricultural Investment (Tadco) with a share of 21.61%, Al -Jouf Agricultural Development Company (8.6%), an abundance company for industry and development (8.6%), and Jazan Development and Investment by (21.61%), as well as additional shares for Al -Marai and Autumn.
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