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  • 06-01-21

    Saudi Arabia takes step in privatization of Kingdom's flour mills

    (MENAFN)Among the proclaim on Monday of a USD540 million deal, Saudi Arabia stepped in the privatization of the Kingdom’s flour mills.

    It has accomplished the acquisition of the First Milling Company (MC-1) for USD540 million, according to Al-Raha Al-Safi Food Co, consisting of Al-Mutlaq Group, Al-Safi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC.

    The deal was assisted by the National Center for Privatization (NCP) and the Saudi Grains Organization (SAGO).

    MC-1 is the major one of the four milling companies and is part of SAGO’s privatization program of Saudi flour mills and grain silos. The company was earlier owned by the sovereign wealth fund the Public Investment Fund (PIF).

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