Awarding the Sale Process of the Second Flour Milling Company MC2
As a part of the privatization drive started under the Kingdom's vision 2030, and in order to maximize the benefits derived from government assets and attract local and international investments, the National Center for Privatization and the Saudi Grains Organization (SAGO) announced on Tuesday 20 April 2021 the completion of privatization of the second and final stage of flour milling companies, this involved a competitive tender process for the shares of the second and the fourth flour milling companies to strategic partners.
The privatization of the second flour milling companies was awarded to the consortium consist of Al Rajhi International for Investment "RAII", Abdulaziz Al Ajlan Sons for Commercial & Real Estate Investment, the National Agricultural Development Co. "NADEC" and Olam International Limited.
After the sale process was completed, the SAGO wishes the consortium all the best and success to manage the acquired companies to achieve the desired aspirations of the privatization process.
SAGO approved the plan to sell its flour mills with the aim to help in increasing the diversity of high-quality flour products in local market, improve service standards to customers, provide job opportunities and optimal employment of the national workforce and raising the contribution of the private sector to the GDP.
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