This deal is the most recent of the country’s drive to privatise its flour milling sector
Riyadh, Saudi Arabia. $540 million acquisition of First Milling Company (MC-1) completed by AlRaha AlSafi Food Co.
Dubai: A $540 million acquisition of First Milling Company (MC-1) has been completed by AlRaha AlSafi Food Co.
The largest among the four milling companies of the Kingdom, MC-1 is part of Saudi Grains Organization’s (SAGO) planned privatisation of the country’s flour mills and grain silos, which prior to this were owned by the Public Investment Fund (PIF).
The company said in a statement that the transaction is a result of “extensive” work carried out with the National Centre for Privatisation (NCP) and SAGO.
During this acquisition, the transaction team of the AlRaha AlSafi Food Co. was led by the Almutlaq Group and advisory support was provided by Synergy Consulting and Canaccord Genuity (Dubai) Ltd. Gulf International Bank and Alinma Bank were the lenders on this transaction. “MC-1 is a unique company with distinguished leadership and highly skilled team that has been at the cutting edge of the milling industry in Saudi Arabia…The company has significant industrial assets that are strategically located to serve its business clients and consumers across the Kingdom.” said, Vice Chairman, Abdullah Bin Sultan Alkenany of AlRaha AlSafi Food.
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