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.
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
Deals of the day-Mergers and acquisitions msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Saudi Arabia completes privatisation of Third Milling Company zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.