Dubai: Arabian Mills for Food Products plans to list 15.4 million shares, representing a 30% stake, on the Saudi stock exchange, as announced by the country’s market regulator. The Capital Markets Authority (CMA) approved the IPO on Monday, with the prospectus set for publication before the subscription start date.
Previously known as Second Milling Company (MC2), Arabian Mills operates branches in Riyadh, Jazan, and Hail, with a combined wheat milling capacity of about 4,920 tonnes per day. Arabian Mills follows the privatization of First Mills Company, which was sold to the AlRaha AlSafi Food Company consortium for $540 million in 2020.
This consortium included Saudi Arabia’s Almutlaq Group, 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) plans an IPO in 2024, having already begun the bank selection process for the deal.