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MC4 operates mills in Riyadh, Medina, and the Eastern Region Image Credit: Bloomberg

Dubai: Saudi Arabia’s financial regulator has given Fourth Milling Company (MC4) the go ahead to go public on the local stock exchange.

Fourth Milling Company (MC4) plans to offer 162 million shares, equivalent to 30 per cent of its total share capital, through an initial public offering (IPO).

MC4 operates mills in Riyadh, Medina, and the Eastern Region, specialising in the production of flour, feed, bran, and various wheat derivatives. The company boasts a daily milling capacity of 3,150 metric tons of wheat grains and 450 tonnes of animal feed.

The approval is valid for six months, with the condition that the offering and listing process must be completed within this timeframe, otherwise the approval will lapse.

MC4 was previously acquired in 2021 for $229 million (Dh841 million) by a consortium including Al Othaim Markets, Allana International, and United Feed Manufacturing Company as part of Saudi Arabia’s privatisation initiative.

The market regulator recently sanctioned the IPO of Arabian Mills for Food Products. The First Mills Company was privatised in 2020, fetching $540 million (Dh1.9 billion) in a sale to a consortium led by AlRaha AlSafi Food Company, comprising Almutlaq Group, AlSafi Holding Company, Abunayyan Holding.