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AlRaha AlSafi Food completes acquisition of first milling firm for $540m January 06, 2021
AlRaha AlSafi Food Co, consisting of Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC, announced the completion of First Milling Company (MC-1) through the Phase-1 competitive tender of the Saudi flour mills privatization for $540 million (SR2.03 billion).
RIYADH AlRaha AlSafi Food Co, consisting of Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC, announced the completion of First Milling Company (MC-1) through the Phase-1 competitive tender of the Saudi flour mills privatization for $540 million (SR2.03 billion).
The transaction is a culmination of extensive work carried out with the National Centre for Privatization (NCP) and the Saudi Grains Organization (SAGO). MC-1 is the largest among the four milling companies, which is part of SAGO’s planned pri
Dubai: AlRaha AlSafi Food Co has completed its $540 million acquisition of First Milling Company (MC-1).
MC-1 is the largest among the four milling companies, which is part of Saudi Grains Organization’s (SAGO) planned privatisation of Saudi flour mills and grain silos, previously owned by the Public Investment Fund (PIF).
The transaction is a result of “extensive” work carried out with the National Centre for Privatisation (NCP) and SAGO, the company said in a statement.
“The acquisition represents an attractive opportunity for the private sector to invest in one of the largest flour markets in the Middle East and North Africa with high and appealing growth rates, to further boost private sector productivity and improve product quality,” said Tariq Almutlaq, Chairman AlRaha AlSafi Food.