off-the-wire

Saudi Arabia's First Milling Company gets regulator nod for IPO

Kitco Media
By Reuters
Published:
Updated:
Reuters

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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