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SAGO Announces Completion of Privatization of Second, Fourth Milling Companies
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Saudi Arabia marks privatization milestone with $800m flour mill deals
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Abdullah Al Othaim consortium to acquire Saudi milling firm for $229m
RIYADH, 6 hours, 13 minutes ago Saudi-based Abdullah Al Othaim Markets Company has announced that its consortium with Allana International and United Feed Manufacturing Company has signed a deal worth SR859 million ($229 million) with National Center for Privatization to acquire the Fourth Milling Company. A joint venture agreement would be signed to organise the relations among the consortium members through a holding company that would be incorporated by the consortium members with equal shares, said the company in its filing to Saudi bourse Tadawul. The acquisition transaction with National Center for Privatization will be self-financed from the consortium members, in addition to borrowing from local banks under the name of the holding company that will be incorporated, it stated.
Winners of the latest
The award of each Milling Company was decided based on the highest financial bids submitted by qualified strategic investors, which were thoroughly reviewed to ensure adherence to the terms stipulated in the Request for Proposal for the second batch of the privatization, in accordance with the privatization of the flour milling, as shown below.
The Second Milling Company was picked up by a consortium of Abdulaziz AlAjlan Sons Co. for Commercial and Real Estate Investments, Sulaiman Abdulaziz AlRajhi International Co., NADEC, and Olam International ltd., after putting up 2.138 billion riyals.
The Fourth Milling Company was won by a grouping of Allana International, Abdullah Al Othaim Markets, and United Feed Manufacturing Company, who bid with 859 million riyals.
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