FARM Superstores has achieved SR1.63 billion total revenues during the calendar year 2013, representing an 8.8 percent growth over 2012 total revenues, its Chief Executive Officer Engr. Maher Al Aswad said Tuesday. FARM Superstores' net profit increased to SR95.2 million in 2013, or 20.5 percent higher than the net profit in the preceding year. FARM Superstores and its financial advisor, FALCOM Financial Services, began the book building process on Jan. 8, 2014. The book building ends at 1:00 p.m. today (Wednesday). FALCOM will soon announce the IPO price. The retail offering is expected to begin on Jan. 22 and will end on Jan. 28, 2014. FALCOM Financial Services, the financial advisor and lead manager of FARM Superstores' IPO, announced earlier the start of the book building process as a prelude to offering 7,500,000 shares representing 30 percent of outstanding shares of FARM Superstores. FALCOM held a roadshow presentation for representatives of eligible institutional investors, including investment funds, to describe FARM Superstores' vision, growth strategy, historical financial achievements, and expansion in the retail sector. Adeeb Abdulrahman Al-Sowailim, CEO & Member of the Board of Directors of FALCOM, said the book building process, during which the institutional investors will subscribe for up to 100 percent of the offered shares, i.e. 7,500,000 shares, will be used to determine the final offer price at which up to 50 percent of the shares will be offered for subscription to retail subscribers. — SG
