Arabian Mills to sell 30% stake on Saudi bourse 

Arabian Mills for Food Products will list 15.4 million shares, or a 30 percent stake, on the Saudi stock exchange, the kingdom’s market regulator has said.

The Capital Markets Authority (CMA) approved the company’s public flotation application on Monday, adding that the prospectus will be published before the subscription start date.

No other details of the listing were given.

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Arabian Mills, formerly known as Second Milling Company (MC2), has a wheat milling capacity of around 4,920 tonnes per day through its three branches in Riyadh, Jazan and Hail.

First Mills Company was the first of several flour milling privatisations in Saudi Arabia, sold to AlRaha AlSafi Food Company-consortium for $540 million in 2020.

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The consortium was led by Saudi Arabian company Almutlaq Group, including AlSafi Holding Company, Abunayyan Holding and UAE’s Essa Al-Ghurair Investment.

In June 2023, Reuters reported that Saudi Arabia’s Milling Company 3 (MC3) was planning an IPO in 2024 and invited banks to pitch for roles in the deal.

MC3, which operates flour mills in the region of Khamis Mushait, Aljouf and Aljamoom, appointed Moelis & Co as an adviser, the news agency reported, citing informed sources.