RAII mulls selling MC2 shares in IPO: CEO

Ahmed Al Dakheel, CEO of Al Rajhi International for Investment Co.

Al Rajhi International for Investment Co.’s (RAII) CEO Ahmed Al Dakheel revealed that planning is underway to list the Second Milling Co. (MC2) on the Saudi Exchange (Tadawul) soon.

The company is working on meeting the listing requirements, Al Dakheel told Argaam on the sidelines of the Saudi-Chadian and Saudi-Somali roundtable meetings.

He went on to say that MC2 produces about 1.3 million tons of flour annually through three mills, the largest of which is in Riyadh and the other two are in Jazan and Hail. The company contributes to the abundant production of flour in the Kingdom.

The company also contributed to the initiative to invest in African countries, through the agricultural and livestock sectors, Al Dakheel explained, stressing that the company has recently embarked on investments in African countries. 

African countries have many investment opportunities, including mining, energy, and infrastructure, as the initiative launched by the Custodian of the Two Holy Mosques and the Crown Prince to provide $1 billion for financial and development projects reflects the importance of investment in African countries, he stated.

According to data compiled by Argaam, National Agricultural Development Co. (NADEC) recently announced that all assets of MC2 have been transferred to Food Security Holding Co., a limited liability firm. The two companies were merged under the name MC2. 

Abdulaziz Alajlan Sons for Trading and Real Estate Investments Co. purchased the entire stake of Olam International Limited.

Meanwhile, NADEC increased its ownership in MC2. Accordingly, MC2 is now 50.13% owned by Abdulaziz Alajlan Sons, 35% by RAII, and 14.87% by NADEC.