Saudi Arabia’s Fourth Milling Company (MC4) plans to list 162 million shares, or a 30% stake, on its local stock exchange, according to a statement from the Saudi Capital Markets Authority (CMA) on Wednesday.
Saudi regulator CMA said it had approved the company’s IPO application, without providing a timetable for the IPO. MC4 did not immediately respond to a request for comment outside of normal business hours.
The company is involved in the production of flour, animal feed, bran and various wheat derivatives and operates factories in Riyadh, Medina and the eastern region of the country, with a daily milling capacity of 3,150 metric tons of wheat grains and a daily production of 450 tons of animal feed.
Established in 2017, MC4 was part of a broader privatization program as part of Saudi Arabia’s Vision 2030 strategy aimed at diversifying the oil-dominated economy.
It was sold in 2021 to a consortium including Al Othaim Markets, Allana International and United Feed Manufacturing Company for 859 million riyals ($229 million).
The MC4 IPO would add to a string of listings in the Gulf country and follows the March IPO of Modern Mills – formerly known as MC3 – which raised 314, $6 million by selling a 30% stake.
On Monday, the CMA also said it had approved the IPO application of Arabian Mills, formerly known as MC2.
(1 $ = 3.7515 riyals) (Reporting by Federico Maccioni Writing by Mark Potter)
