Riyadh, SPA– Almarai dairy firm has been converted into a joint stock company with a capital of SR750 million divided into 15 million shares worth SR50 each.

The decision by the Ministry of Commerce and Industry paves the way for Almarai to launch its initial public offering (IPO) soon. The company must get the permission of the Capital Markets Authority to float its shares for public subscription.

The company”s founders have subscribed to its full capital.

The Riyadh-based firm says it is the largest food exporter in Saudi Arabia with 4,000 staff, 45,000 livestock and a processing capacity of 1.4 million liters of milk per day. It also claims a 40 percent market share of fresh dairy markets in the six GCC states.

The GCC is made up of Saudi Arabia, The United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.