It said in a statement to the Saudi stock market, Tadawul, on Wednesday, that the offering is expected to include the sale of existing shares and result in free circulation of 30 percent of the company’s shares, about 16.65 million ordinary shares.
It is scheduled to announce the price range of the company’s shares on May 18th, and the final price will be announced on May 31st.
This comes amid an increase in the activity of listings in the main and parallel markets of the Saudi Stock Exchange since last year.
The company has a share representing 33.8 percent of the market and distributes its products throughout the Kingdom, and it has a presence in four main regions: Makkah, Qassim, Tabuk and the Eastern Province, and it has a wheat milling capacity of 4,200 tons per day.
This company was the first to undergo a privatization process among flour mills in the Kingdom, as it was sold to a consortium for $540 million in 2020.
Companies from the Middle East raised about $21.9 billion through initial public offerings in 2022, accounting for more than half of the total for Europe, the Middle East and Africa, according to data from Dealogic.
It is noteworthy that the company recorded a net profit of 197 million Saudi riyals (about 52.5 million dollars) during the first nine months of 2022.
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