Saudi Arabia’s Almunajem Foods, which specializes in the import, marketing, and distribution of frozen, chilled, and dried food, is preparing for an initial public offering after it got regulatory approval. The Capital Market Authority (CMA) gave the green light to the company to sell 18 million shares or 30 percent of its capital in an IPO. The prospectus is yet to be released. Almunajem supplies foodstuffs to more than 22,000 outlets, including retail, food services, and wholesale channels. It has 13 branches across the Kingdom. It follows other major companies in the Kingdom who have already started their IPO processes, such as ‘solutions by stc’ and ACWA Power. The CMA expects 30 companies to list on Tadawul by the end of the year.