Saudi Arabia’s Fourth Milling Company (MC4) plans to list 162 million shares, equal to a 30% 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 is involved in the production of flour, feed, bran, and diverse wheat derivatives and operates factories in Riyadh, Medina, and the country’s eastern region, with a daily milling capacity of 3,150 metric tons of wheat grains and daily production of 450 tons of animal feed.
Established 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 859 million riyals ($229 million).
MC4’s IPO would add to a string of listings in the Gulf country and follow the flotation in March of Modern Mills – previously known as MC3, in which the company raised $314.6 million by selling a 30% stake.
On Monday, the CMA also said it had approved the IPO application of Arabian Mills, previously known as MC2.
Reuters