DUBAI, March 29 (Reuters) - Saudi Arabia's Capital
Markets Authority (CMA) said on Wednesday it had approved First
Milling Company's application for an initial public offering
(IPO) of 30% of its share capital.
The company was the first of several flour milling
privatizations in Saudi Arabia, sold to Raha AlSafi consortium
for $540 million in 2020.
The consortium was led by Saudi Arabian firm Almutlaq Group
and also included Al Safi, Abunayyan Holding and United Arab
Emirates-based Essa Al Ghurair Investment, with investment bank
Canaccord Genuity acting as financial adviser, a source familiar
with the matter said at the time.
The CMA's approval for an IPO of First Milling Company is
valid for six months, the regulator said.
Companies from the Middle East raised some $21.9 billion
through IPOs in 2022, accounting for more than half the total
from the wider EMEA region that also includes Europe and Africa,
according to Dealogic data.
(Reporting by Yousef Saba
Editing by Mark Potter)
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