Saudi Cabinet approves mining investment law, transfers ownership of milling companies to NCP

09/06/2020 Argaam

 

The Saudi Cabinet approved on Tuesday the mining investment law. It also licensed the first, second, third and fourth milling companies (MCs) and transferred their full ownership to the National Center of Privatization and PPP (NCP).

 

On  March 31, 2020, the Cabinet issued a resolution allowing NCP to own assets and companies.

 

The ownership transfer shall not have an impact on the ongoing privatization of the MCs.

 

The privatization of the four milling companies is proceeding as planned and is expected to be finalized by 2021. 

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