NADEC’s 14.9% stake in Arabian Mills has book value of SAR 125.2M

25/06/2024 Argaam
Logo ofNational Agricultural Development Co. (NADEC)

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co. (NADEC) said that its 14.87%-owned affiliate, Arabian Mills for Food Products Co., obtained the Capital Market Authority’s (CMA) approval to sell 15.39 million shares, or 30% of its capital, to the public.

 

The book value of NADEC's entire stake in Arabian Mills stands at SAR 125.16 million, based on the latest financial statements for the first quarter of 2024, NADEC said in a statement to Tadawul.

 

For more news on listed companies

 

The offering and listing of Arabian Mills on the Main Market (TASI) are subject to the approval of the CMA, the fulfillment of the regulatory requirements, and the completion of the required procedures.

 

The financial impact of the share sale cannot be currently estimated, as it depends on the valuation of Arabian Mills and the obtaining of the required regulatory approvals. Any relevant updates will be duly announced, NADEC added.

 

Arabian Mills—formerly known as Second Milling Company (MC2)—was established in October 2016 as part of the privatization program of the Saudi Grains Organization.

 

In April 2021, the National Center for Privatization & PPP (NCP) awarded the sale of Arab Mills to the consortium of Ajlan & Bros Holding Group (ABHG), Al Rajhi International for Investment (RAII), 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%.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.