Al Watania, the largest poultry establishment in the Middle East, has reportedly invited banks to serve as its financial advisor as the company plans a stock flotation.
Several banks are expected to make formal presentations to Al Watania in March, with the company planning to decide which will be its advisor by the end of May, said sources who requested anonymity because of the confidential nature of the matter.
Al Watania’s key product categories include broilers, table eggs and feed. The company, which is headquartered in Riyadh, Saudi Arabia, produces about one third of Saudi Arabian broiler meat, according to the WATT Global Media Top Companies Database. The company’s meat production for 2013 was estimated at 221,000 metric tons with plans to double its daily production. In terms of table eggs, the company produces 1 million eggs daily with hopes of tripling that amount by 2015.
The poultry company is owned by Saudi banking magnate Sheikh Suliaman Al-Rajhi, who helped found Al Rajhi Bank. He served as Al Rajhi Bank’s chairman until November 2014, but he remains the bank’s largest individual shareholder.