Saudi Arabia’s Fourth Milling Company plans to list 30% stake in IPO, CMA says
Fourth Milling Company plans to list 30% stake in IPO
Saudi Arabia’s Fourth Milling Company (MC4) plans to list 162 million shares, equal to a 30 per cent stake, on its local bourse, according to a statement by the Saudi Capital Markets Authority (CMA) on Wednesday.
Saudi regulator CMA said it had approved the firm’s public listing application without providing a timeline for the flotation. MC4 did not immediately respond to a request for comment outside of normal business hours.
The company produces flour, feed, bran, and diverse wheat derivatives and operates factories in Riyadh, Medina, and the country’s eastern region. Its daily milling capacity is 3,150 metric tonnes of wheat grains, and it produces 450 tonnes of animal feed daily.
Founded in 2017, MC4 was part of a wider privatisation programme under Saudi Arabia’s Vision 2030 strategy aimed at diversifying the oil-dominated economy.
It was sold in 2021 to a consortium comprising Al Othaim Markets, Allana International and United Feed Manufacturing Company for $229m (SAR859m).
MC4’s IPO would add to a string of listings in the kingdom and follow the flotation in March of Modern Mills – previously known as MC3, in which the company raised $314.6m by selling a 30 per cent stake.
On Monday, the CMA also said it had approved Arabian Mills’ IPO application, previously known as MC2.