RIYADH: Tanmiah Food Co., Saudi Arabia’s number two poultry producer, has plans to take its halal products into new markets after last week’s initial public offering (IPO), in which it raised SR402 million ($107 million), Bloomberg reported.
“We are looking to expand not only locally, but regionally and globally too,” spokesman Ahmed Osilan said in an interview, adding that the company is targeting 1.8 billion Muslims around the world with its expansion.
Tanmiah has about an 18 percent share of the Saudi poultry market, and has branches in parts of the Middle East and Africa. The Riyadh-based company said it hopes to expand to the US, Europe, Asia and Latin America, funded by “various financial tools” from both private and government lenders.
“Halal food is becoming a key opportunity for a lot of companies, and by 2025 we should be able to be set for that expansion,” Osilan said.
Tanmiah said last June it plans to use the proceeds of its forthcoming share sale to double production over the coming five years.
The company already doubled production six times over the past five years and has a 17.6 percent share of the Saudi poultry market, Osilan told Al Arabiya.