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WorldEuropeThe Saudi "First Mills" intends to offer 30% of its shares for subscription

The Saudi “First Mills” intends to offer 30% of its shares for subscription

He said in a statement to the Saudi stock exchange, Tadawul, on Wednesday that the offer is expected to include the sale of existing shares and result in the free circulation of 30% of the company’s shares, or approximately 16.65 million ordinary shares. .

The company’s share price range is scheduled to be announced on May 18, and the final price will be announced on May 31.

This comes amid an increase in listing activity on the main and parallel markets of the Saudi Stock Exchange since last year.

The company holds a market share of 33.8% and distributes its products throughout the Kingdom. It is present in four main regions: Mecca, Qassim, Tabuk and the Eastern Province. It has a wheat milling capacity of 4,200 tons per year. day.

This company was the first to undergo a privatization process among the Kingdom’s flour mills, as it was sold to a consortium for $540 million in 2020.

Middle Eastern companies raised about $21.9 billion through IPOs in 2022, accounting for more than half of the total for Europe, the Middle East and Africa, the data shows. from Dealogic.

It should be noted that the company recorded a net profit of 197 million Saudi riyals (approximately $52.5 million) in the first nine months of 2022.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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