Food Development Company Managing Director Ahmed Osailan said the company’s share price has doubled from its subscription price in 2021, reflecting the confidence of shareholders and investors.
In an interview with Al Arabiya, Asilan said that the company has doubled its size 10 times over the past 10 years, explaining that the company aims to double its current production within 3 years.
The company said it entered into a partnership in the last quarter of 2022 with Tyson, which is present in more than 100 countries and is one of the largest international food companies.
He noted that the company will help fulfill Tanmia’s strategic plan to increase production, improve operational capacity, transfer knowledge and create jobs, as well as expand the company’s distribution and entry into global halal markets.
He added that, together with Tyson, he is implementing an expansion plan and developing target markets through advisory bodies specializing in the halal market sector.
Regarding the company’s expected capital expenditure, Osaylan said that a plan has been drawn up that starts from 2020 to 2025 at approximately 786 million rials, but now an additional plan has been drawn up to be announced later until 2030.
