Arabian Mills operates three branches in Riyadh, Jazan, and Hail Image Credit: Arabian Mills

Dubai: Arabian Mills for Food Products plans to list 15.4 million shares, representing a 30 per cent stake, on the Saudi stock exchange, according to the country’s market regulator.

The Capital Markets Authority (CMA) approved the company’s initial public offering (IPO) on Monday, with the prospectus slated for publication ahead of the subscription start date. Formerly known as Second Milling Company (MC2), Arabian Mills operates three branches in Riyadh, Jazan, and Hail, with a combined wheat milling capacity of approximately 4,920 tonnes per day.

First Mills Company was the first of several flour milling privatisations in Saudi Arabia, sold to AlRaha AlSafi Food Company-consortium for $540 million (Dh1.9 billion) in 2020.

This consortium was led by the Almutlaq Group of Saudi Arabia, alongside AlSafi Holding Company, Abunayyan Holding, and UAE’s Essa Al-Ghurair Investment.

In June 2023, Reuters reported that Saudi Arabia’s Milling Company 3 (MC3) plans to launch an IPO in 2024, and has initiated the selection process for banks to participate in the deal.