FARM Superstores begins trading on Tadawul

16/02/2014 09:04 AST

The Capital Market Authority announced Thursday that FARM Superstores's equity shares would begin trading on Saudi stock exchange (Tadawul) from Sunday (Feb. 16), under code 4006 in the retail sector. The CMA also announced that the daily price fluctuation on FARM's shares would be limited to 10 percent from the first trading day.

Adeeb Abdulrahman Al-Sowailim, CEO of FALCOM Financial Services, expressed his delight at the successful completion of the IPO of FARM Superstores. He thanked the CMA for its support in reviewing and approving the IPO file in record time and complimented the CMA for playing an instrumental role in the development of the capital markets in the Kingdom. He also thanked the management of FARM Superstores for selecting FALCOM as its financial adviser for this historic event in the company's evolution, as also Tadawul and all other advisers on this transaction for their support and cooperation.

Al-Sowailim pointed out that the overwhelming response received from institutional and retail investors during FARM's subscription period evidenced the high level of confidence enjoyed by FARM Superstores. He added that the inclusion of FARM's shares on Saudi stock exchange presented the company with a lot of positives. He encouraged the company to continue working hard, and wished FARM Superstores success as it implements its growth and expansion strategy.

Maher Al-Aswad, CEO of FARM Superstores, expressed his sincere thanks and appreciation to FALCOM Financial Services, and all the institutional and individual investors for their support in the success of the IPO of FARM Superstores. He acknowledged the trust bestowed on the company by investors during the subscription process, and assured them of continuing to work for the benefit of the shareholders.

Arab News