SAGO launches qualification phase for flour mill privatisation

The Saudi Grain Organization (SAGO) and HSBC Saudi Arabia on Thursday launched the qualification phase for potential investors interested in the sale of its four flour mills.

The organization launched the phase by publishing the qualification criteria, along with the details on the qualification process and timing, it said in a statement.

During this phase, SAGO and HSBC will choose the investors who meet the required qualification criteria after reviewing the submitted requests.

HSBC Saudi Arabia is the financial advisor for the flour mills privatization program.

The flour milling companies’ audited financial statements for the financial year ending 31 December 2017 are being prepared to be made available to qualified investors once the audited accounts are issued and approved, the statement added.

Saudi Arabia is looking to privatize its flour mills, which are among the largest in the Middle East and North Africa region. HSBC Saudi Arabia was hired to advise on the privatization process.

Late in 2015, SAGO transferred the ownership of four of its flourmill companies to the Public Investment Fund, Argaam earlier reported.