4/20/2021
(Adds details)
CAIRO, April 20 (Reuters) - Saudi Grains Organisation (SAGO)
said on Tuesday it had sold 100% stakes in the Second Milling
Company and the Fourth Milling Company, completing a previously
announced privatisation.
The Second Milling Company was sold for 2.13 billion riyals
($568 million) to Abdulaziz Al-Ajlan Sons Company for Commercial
and Real Estate Investment, Al-Rajhi International Investment
Company, Nadec and Olam International Company, a
statement said.
The Fourth Milling Company was sold for 859 million riyals
Alana International Alliance, Abdullah Al-Othaim Markets Company
and United Feed Industry Company.
The kingdom sold its flour milling business under the
country s Vision 2030 aimed at weaning the economy off oil.
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Dubai: The investment arm of Dubai’s Al Ghurair Group is adding more capacity to its food interests – this time in Saudi Arabia. In alliance with Al Rajhi Holding Group and Masafi, Al Ghurair Investment has completed the full buyout of Third Milling Company (MC3) from Saudi Grains Organisation (SAGO) and National Center for Privatization and PPP.
“Al Ghurair Investment has a long and proud history in the flour sector, having established Dubai’s first milling company in 1976,” said John Iossifidis, Group CEO, Al Ghurair Investment. “We look forward to bringing this experience to Saudi Arabia and leveraging it to spur the growth and diversification of MC3.”
By Reuters Staff
1 Min Read
DUBAI (Reuters) - Al Ghurair Investment, Al Rajhi Holding Group and Masafi said on Thursday they had completed the acquisition of a 100% stake in Third Milling Company (MC3) from Saudi Grains Organisation (SAGO) and the National Center for Privatization and PPP (NCP), the companies said in a joint statement.
The sale is part of a wider privatisation programme under Saudi Arabia’s Vision 2030 aimed at weaning the economy off oil.
Reporting by Yousef Saba; Editing by Toby Chopra
SAGO sells mills to UAE investors as part of KSA s ongoing privatization drive arabnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabnews.com Daily Mail and Mail on Sunday newspapers.