First Mills gets GFSA nod on flour exports

Logo of First Milling Co. (First Mills)

First Milling Co. (First Mills) received the General Food Security Authority’s (GFSA) approval to export flour to regional and international markets, the company said in a statement to Tadawul.

The approval follows a decision by GFSA board of directors, allowing licensed Saudi flour milling companies to export their products in compliance with the approved guidelines and requirements.

A copy of the guidelines was received by the company, the statement added.

Additionally, the export service was launched by GFSA through Matahin platform.

This milestone reflects the company’s strategic vision to enhance its position as a reliable source and leading provider of essential, high-quality, and innovative products. It also supports the company’s ongoing efforts to seize opportunities that maximize shareholders' equity, the Saudi-listed firm indicated.

First Mills also reaffirmed its commitment to upholding the highest standards of transparency and disclosure, ensuring that shareholders and the investment community are consistently informed of the latest developments.

The Flour Milling Law, issued in 2018, bans milling companies to export wheat, flour, or their subsidized derivatives, unless an approval is obtained from GFSA. Accordingly, GFSA shall collect an amount equivalent to the subsidy for the wheat, flour, or their derivatives to be exported. In addition, the export shall not impact the local market's needs for wheat, flour, or their derivatives.