Logo of Arabian Mills Co.
The Capital Market Authority (CMA) approved the application submitted by Arabian Mills Co. to float and list 15.39 million shares, or 30% of its 51.3 million share capital, in an initial public offering (IPO) on the Main Market (TASI).
The prospectus will be published ahead of the subscription start date, the market regulator said in a statement today, June 24.
The approval is valid for six months from the CMA’s board resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period, it added.
Arabian Mills —formerly known as Second Milling Company (MC2) —was established in October 2016 as part of the privatization program of Saudi Grains Organization.
In April 2021, the National Center for Privatization & PPP (NCP) awarded the sale of Arabian Mills to the consortium of Ajlan & Bros Holding Group (ABHG), Al Rajhi International for Investment (RAII), National Agricultural Development Co. (NADEC), and Olam International. This consortium submitted a bid totaling SAR 2.13 billion.
In December 2021, NADEC completed the transfer of all assets of MC2 to Food Security Holding Co., merging the two entities into Second Milling Co. ABHG acquired the entire stake of Olam International, while NADEC increased its ownership share. The partners' post-acquisition ownership stakes are as follows: ABHG: 50.13%; RAII: 35%; and NADEC: 14.87%.
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