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Saudi Arabia’s Milling Company 3 Plans 2024 IPO

Saudi Arabia’s Milling Company 3 (MC3) is planning to go public in 2024, according to sources familiar with the matter. The company, which operates flour mills in the regions of Khamis Mushait, Aljouf and Aljamoom, has appointed Moelis & Co as an adviser and has invited banks to pitch for roles in the deal. MC3 is targeting an offering in the first quarter of 2024, one of the sources said.

MC3 was one of several flour milling companies that were privatized by the Saudi government in 2020 as part of its Vision programme to diversify the economy and reduce dependence on oil revenues. MC3 was sold to a consortium of AL Ghurair Investment, Al Rajhi Holding Group and Masafi for 750 million riyals (199.99 million) by the Saudi Grains Organization.

The IPO of MC3 follows the successful listing of First Milling Co, another privatized flour milling company, which priced its IPO on Tuesday at the top of the indicative range on strong demand. The IPO market in Saudi Arabia has been coming in recent years, with several high-profile listing such as Saudi Aramco, ACWA Power and BinDawood Holding attracting local and international investors.



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