NADEC sees positive impact of SAR 103M from Arabian Mills IPO

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National Agricultural Development Co. (NADEC) expects a positive financial impact of nearly SAR 103 million from offering a 4.46% of its shares in Arabian Mills for Food Products Co. to the public, after offering and listing costs.

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The financial impact will likely appear in the fourth quarter of 2024, NADEC said in a statement to Tadawul, adding that any relevant updates will be duly announced.

Arabian Mills shares made a debut on the Main Market on Oct. 8, Argaam reported.

The milling company floated 15.39 million shares, or 30% of its share capital, on the Saudi Exchange (Tadawul) at SAR 66 each.

Accordingly, NADEC sold 2.29 million shares of Arabian Mills for SAR 151.1 million, excluding the offering costs.

NADEC’s ownership in Arabian Mills post-IPO is 10.41%, or 5.34 million shares, compared to 14.87% before the offering.

NADEC earlier said that the book value of its entire stake in the milling company stands at SAR 125.16 million as of Q1 2024.