Aleid Foods launches subscriptions for capital increase until Dec 3
KUWAIT: Aleid Foods Company announced the launch of subscriptions for an increase in the issued and paid-up capital amounting to KD 30.33 million during the period from Nov 19 until Dec 3, 2023.
Aleid Foods Company had obtained the approval of the Capital Markets Authority regarding increasing the company’s authorized, issued and paid-up Capital from KD 18,617,287.200 to KD 30,331,572.900 through issuing and allocating 117,142,857 ordinary shares at an offering price of 175 fils (one hundred and seventy-five Kuwaiti fils) per share and in accordance with the decision of the Capital Markets Authority of the State of Kuwait issued on 07/09/2023 approving the issuance of shares, and its approval of the subscription prospectus dated Oct 22, 2023.
The subscription will be available to shareholders registered in the company’s shareholder registry on the due date of Thursday, Nov 16. Non-shareholders wishing to subscribe to the capital increase, as well as shareholders wishing to increase the number of shares allocated to them, can participate in the increase by purchasing priority rights during the priority rights trading period, which begins on Sunday, Nov 19 and ends on Nov 26.
The company’s capital increase aims to strengthen its position in the local market and enable it to acquire Al-Ashraf Foods Company in line with the company’s regional expansion strategy, Goals 25, and to support the company’s competitive position in the food sector, especially the category of frozen foods, in addition to expanding the operational lines to include food services sector.
The subscription form and more information related to the offering and subscription process are available on the company’s and subscription agents’ websites aleidfoods.com and nic.com.kw, whilst the subscription applications are received through the Kuwait Clearing Company’s subscription platform www.ipo.com.kw via the Internet during subscription period. It is noteworthy to mention that Aleid Foods Company appointed the National Investments Company as the Joint Issue Manager and Subscription Agent.
Aleid Foods Company was established in 1994, with a paid-up capital of KD 18 million and was listed on the Kuwait Stock Exchange (Boursa Kuwait) in 2008 under the consumer services sector. Today, it is a leading company in importing, marketing, and distributing food products in the State of Kuwait.
Aleid Foods Company has diverse operational lines, a group of partner brands, branches and subsidiaries specializing in food, and its network of distribution channels, supported by advanced logistical capabilities, serves more than 1,000 commercial customers and huge operations for direct delivery to the store. Aleid Foods Company believes in the modernizing and digitalizing of business and is keen to keep pace with and adopt the latest digital technology techniques and methods in marketing and distributing food products.
