Saudi Ice cream maker Fadeco to debut on stock market next week

RIYADH: Saudi ice cream manufacturer Arabian Food & Dairy Factories Co., known as Fadeco, will start trading its shares on the Kingdom’s stock market on June 12, a bourse statement showed.

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.