Al Othaim expects to sign MC4 acquisition deal by July-end

21/06/2021 Argaam

Logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co. (Al Othaim) has not yet signed the contract of acquiring the Fourth Milling Co. (MC4), which was earlier expected to be closed on June 20, the company said in a statement to Tadawul.

 

Al Othaim expects the deal to be signed on July 29, adding that it will announce the related developments once the contract is signed.

 

On April 21, the National Center for Privatization & PPP (NCP) announced the completion of the second and last phase of the privatization of the remaining two flour milling firms, namely Second Milling Co. (MC2) and Fourth Milling Co. (MC4) to strategic investors in the private sector, Argaam earlier reported.

 

MC4 was sold to Al Othaim’s consortium with Allana International Ltd. and United Feed Manufacturing Co. for a total value of SAR 859 million.

 

Al Othaim earlier expected the deal contract to be signed on June 20.

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